Used primarily in the synthesis of organic compounds, it serves as an intermediate in the production of fragrances and flavors due to its aromatic properties. It is also employed in the development of pharmaceuticals, where its structure aids in creating specific active ingredients. Additionally, it finds application in the manufacturing of specialty chemicals, including resins and polymers, where it acts as a building block to enhance material properties. Its role in research and development is significant, particularly in organic chemistry studies involving aromatic alcohols.