Used primarily as an intermediate in the synthesis of various organic compounds, it plays a key role in the production of resins, particularly phenolic resins, which are essential in manufacturing adhesives, coatings, and molding materials. Its application extends to the pharmaceutical industry, where it serves as a building block for certain drugs and active pharmaceutical ingredients. Additionally, it finds use in the production of specialty chemicals, including antioxidants and stabilizers for polymers, enhancing the durability and performance of plastic materials. Its versatility also makes it valuable in research and development for creating novel chemical entities with potential industrial or medicinal applications.