This compound is primarily utilized in the synthesis of various organic intermediates, particularly in the production of pharmaceuticals and agrochemicals. Its structure allows it to act as a key building block in the development of active ingredients for drugs, including anti-inflammatory and analgesic agents. Additionally, it finds application in the creation of fragrances and flavors due to its aromatic properties. In industrial settings, it is also employed as a solvent or additive in specific chemical processes, enhancing the efficiency of reactions or improving product stability.