Used as an intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in the production of biphenyl-based compounds with biological activity. It serves as a building block in organic reactions where a hydroxymethyl-functionalized biphenyl structure is needed. Commonly employed in the development of fungicides and herbicides due to its ability to enhance lipophilicity and membrane permeability in active ingredients. Also utilized in the preparation of liquid crystal materials and specialty polymers where aromatic rigidity and solubility are required.