This chemical is primarily utilized in organic synthesis as a building block for more complex molecules. It serves as an intermediate in the production of pharmaceuticals, particularly in the development of anti-inflammatory and analgesic drugs. Additionally, it is used in the synthesis of fragrances and flavoring agents due to its ability to impart specific aromatic properties. In industrial applications, it can be employed in the manufacture of polymers and resins, contributing to the stability and performance of these materials. Its role in research and development is also significant, as it aids in the study of reaction mechanisms and the creation of novel compounds.