This compound is primarily utilized in the synthesis of organic materials and pharmaceuticals. It serves as a key intermediate in the production of various biphenyl derivatives, which are essential in creating compounds with potential biological activity. Its structure allows it to be incorporated into molecules designed for therapeutic applications, particularly in the development of anti-inflammatory and antimicrobial agents. Additionally, it is employed in research settings to study the properties and reactivity of biphenyl-based compounds, aiding in the discovery of new materials with specialized functions. Its carboxylic acid and hydroxyl groups make it a versatile building block in organic synthesis, enabling the creation of complex molecules for diverse industrial and scientific purposes.