This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of more complex chemical structures. Its unique structure, featuring both a hydroxyl group and a nitrile group, makes it a versatile building block for the synthesis of pharmaceuticals, particularly those targeting neurological and cardiovascular diseases. Researchers leverage its reactivity to develop novel compounds with potential therapeutic effects. Additionally, it finds application in the development of agrochemicals, contributing to the creation of new pesticides or herbicides. Its role in material science is also notable, as it can be used to synthesize advanced polymers or specialty chemicals with specific properties.