Used primarily as an intermediate in the synthesis of pharmaceuticals, especially in the production of analgesics and antipyretics. It serves as a key building block in the preparation of drugs like paracetamol (acetaminophen) through chemical modification. Also employed in organic synthesis for the development of dyes, polymers, and UV absorbers due to its phenolic and ester functionalities. Its reactivity makes it valuable in acetylation processes and in the formulation of specialty chemicals for the cosmetic and polymer industries.