This compound is primarily utilized in the synthesis of various organic molecules, particularly in the development of pharmaceuticals. It serves as a key intermediate in the production of catechol derivatives, which are essential in creating drugs with antioxidant properties. Additionally, it is employed in research settings to study enzyme inhibition and receptor interactions, aiding in the discovery of new therapeutic agents. Its role in organic synthesis also extends to the preparation of complex molecules used in material science, where it contributes to the development of advanced polymers and coatings.