This chemical is primarily utilized in organic synthesis as a key intermediate for the development of more complex molecules. It is often employed in the production of pharmaceuticals, particularly in the synthesis of compounds with potential anti-inflammatory or analgesic properties. Its structure, featuring both hydroxyl and methoxy groups, makes it a versatile building block for creating molecules with specific biological activities. Additionally, it is used in research settings to study the effects of biphenyl derivatives on various biochemical pathways. Its application extends to material science, where it can be incorporated into polymers or coatings to enhance specific properties like stability or reactivity.