This chemical is primarily used in the synthesis of various pharmaceutical compounds, particularly in the development of drugs targeting inflammation and pain. It serves as a key intermediate in the production of nonsteroidal anti-inflammatory drugs (NSAIDs), which are widely prescribed for conditions like arthritis and musculoskeletal disorders. Additionally, it finds application in the manufacture of certain antioxidants and cosmetic ingredients, where its hydroxyl and hydroxymethyl groups contribute to its effectiveness in stabilizing formulations. Its role in organic synthesis also extends to the creation of specialty chemicals used in research and industrial processes.