This compound is primarily utilized in organic synthesis as a versatile intermediate. It serves as a building block for the preparation of more complex molecules, particularly in the development of pharmaceuticals and agrochemicals. Its structure, featuring both hydroxyl and ester functional groups, allows for further chemical modifications, making it valuable in the synthesis of heterocyclic compounds. Additionally, it finds application in the production of specialty chemicals, where its unique properties contribute to the creation of fine chemicals and active ingredients. Its role in research and development is significant, particularly in exploring new synthetic pathways and optimizing reaction conditions for industrial-scale processes.