Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. It is particularly valuable in the synthesis of complex molecules due to its reactive amine group and benzyl-protected phenol. Additionally, it finds application in the development of dyes and pigments, contributing to the vibrant coloration in textiles and inks. Its role in research and development is significant, aiding in the creation of new chemical entities with potential therapeutic properties.