Widely used as a starting material in the production of various chemicals, including plastics, resins, synthetic fibers, rubber lubricants, dyes, detergents, drugs, and pesticides. It serves as a key ingredient in the manufacture of styrene, which is essential for producing polystyrene plastics and resins. Additionally, it is utilized in the synthesis of phenol for creating phenolic resins and adhesives. In the pharmaceutical industry, it acts as a precursor for certain drugs. It is also employed as a solvent in industrial processes and in the extraction of oils and fats. However, its use is strictly regulated due to its toxic and carcinogenic properties.