This chemical is primarily used in organic synthesis as an intermediate for the production of various pharmaceuticals and agrochemicals. Its structure allows it to act as a building block in the synthesis of more complex molecules, particularly those with potential biological activity. It is often employed in the development of compounds with anti-inflammatory, analgesic, or antimicrobial properties. Additionally, it finds application in research settings for the study of chemical reactions involving ester and phenolic groups. Its versatility makes it valuable in the fine chemical industry for creating specialized compounds.