Used primarily in organic synthesis, this compound serves as a key intermediate in the production of pharmaceuticals, particularly in the development of anti-inflammatory and analgesic drugs. Its structure allows for modifications that enhance drug efficacy and stability. Additionally, it finds application in the synthesis of fine chemicals and agrochemicals, where its phenyl and carboxylic acid groups contribute to the creation of compounds with specific biological activities. In research, it is utilized to study reaction mechanisms and develop new synthetic pathways.