Used in organic synthesis as a versatile intermediate for producing various pharmaceuticals and fine chemicals. It serves as a building block in the development of compounds with potential biological activity. Its structure allows for modifications that can lead to the creation of novel molecules for drug discovery. Additionally, it is employed in the preparation of polymers and coatings, contributing to material science advancements. Its ester and carboxylic acid functionalities make it valuable in reactions like esterification and amidation, enabling the synthesis of complex organic molecules.