Used as an intermediate in the synthesis of pharmaceuticals and fine chemicals, particularly in the production of psychoactive substances like certain substituted amphetamines and phenethylamines, though its primary legitimate use is in research and development of organic compounds. It also serves as a building block in the preparation of antioxidants and UV stabilizers due to its phenolic structure, which can scavenge free radicals. In addition, it finds application in the fragrance industry for creating complex aroma compounds thanks to its aromatic characteristics.