Used as an intermediate in the synthesis of pharmaceuticals and fine chemicals, particularly in the development of sulfur-containing organic compounds. It serves in the production of certain fragrance components due to its sulfide structure, which can contribute to odorant properties. Also utilized in research settings for modifying molecular structures in medicinal chemistry, especially where thioether linkages are required. Its hydroxyl group allows for further functionalization, making it valuable in creating esters or ethers in specialty chemical pathways.