Used as a key intermediate in the synthesis of non-steroidal anti-inflammatory drugs (NSAIDs), particularly in the production of diflunisal. It serves as a building block for pharmaceuticals due to its biphenyl structure and functional groups that allow further chemical modifications. Also employed in the development of liquid crystals and specialty polymers where thermal stability and molecular rigidity are required. Its hydroxyl and carboxylic acid groups enable participation in condensation reactions for creating esters and amides in fine chemical manufacturing.