Used as an intermediate in organic synthesis, particularly in the pharmaceutical industry for constructing active pharmaceutical ingredients (APIs). Its structure allows for functionalization on both the aromatic ring and the alcohol group, making it valuable in developing drug candidates targeting central nervous system disorders and inflammatory conditions. The cyclobutyl moiety enhances metabolic stability and influences pharmacokinetic properties, which is beneficial in optimizing drug efficacy. It is also employed in the preparation of specialty chemicals and ligands for catalysis.