Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals, particularly those targeting cardiovascular and neurological disorders. Its methoxy and diol functional groups make it a versatile building block for creating complex molecules. Additionally, it finds application in the development of antioxidants and UV stabilizers due to its ability to scavenge free radicals. In the agrochemical industry, it is utilized in the synthesis of certain herbicides and pesticides. Its role in polymer chemistry includes acting as a monomer or additive to enhance material properties such as durability and resistance to degradation.