Used as a key intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in the development of selective serotonin reuptake inhibitors (SSRIs) and other bioactive molecules. Its functional groups allow for easy modification in multi-step organic reactions, making it valuable in medicinal chemistry. Commonly employed in cross-coupling reactions and as a building block for heterocyclic compounds. Also utilized in the preparation of fluorescent probes and sensors due to its aldehyde and phenolic reactivity.