This compound is primarily utilized in the field of organic synthesis, where it serves as a versatile intermediate for the preparation of more complex molecules. Its structure, featuring both a hydroxyl group and a carboxylate ester, makes it a valuable building block in the development of pharmaceuticals and agrochemicals. It is often employed in click chemistry reactions, particularly in the synthesis of triazole derivatives, which are known for their biological activity. Additionally, it can be used in the creation of polymers and materials with specific properties, such as enhanced stability or functionality. Its role in medicinal chemistry is notable, as it contributes to the design of drug candidates with potential therapeutic applications.