Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the production of antiviral and antitumor agents. Its structure allows for functionalization in polymer chemistry, making it useful in developing specialty resins and biodegradable polymers. Also employed in the preparation of chiral building blocks for asymmetric synthesis, which is critical in creating enantiomerically pure drugs. Its hydroxyl groups enable cross-linking in polyurethane and epoxy systems, enhancing material flexibility and thermal stability.