This compound is primarily utilized in the synthesis of organic materials and pharmaceutical intermediates. Its structure, featuring both hydroxyl and methoxy groups, makes it a valuable precursor in the production of antioxidants and anti-inflammatory agents. It is also employed in the development of UV-absorbing compounds for use in sunscreens and protective coatings. Additionally, its conjugated double bond system allows it to participate in polymerization reactions, contributing to the creation of specialized polymers with unique optical and electronic properties. In research, it serves as a building block for studying structure-activity relationships in bioactive molecules.