Used primarily as an intermediate in the synthesis of pharmaceuticals and specialty chemicals. It plays a role in the development of certain anti-inflammatory compounds due to its structural similarity to salicylates. Also utilized in the formulation of UV stabilizers for polymers, helping to prevent degradation from sunlight exposure. Its chelating properties make it suitable for use in certain industrial processes where metal ion control is required. Limited solubility in water but dissolves well in organic solvents, which enhances its utility in solvent-based systems.