This chemical is primarily utilized in organic synthesis as a building block for the development of more complex molecules. It is particularly valuable in the pharmaceutical industry, where it serves as an intermediate in the production of various biologically active compounds. Its ethynyl group allows for versatile chemical transformations, such as coupling reactions, which are essential in creating targeted drug candidates. Additionally, it can be used in materials science for the development of advanced polymers or coatings, leveraging its reactive functional groups to enhance material properties. Its methoxy and alcohol groups also make it suitable for modifications in fine chemical synthesis.