Used as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and fine chemicals. It serves as a building block in the development of anti-inflammatory agents and other bioactive molecules due to the presence of both aromatic and carbonyl functionalities. Its hydroxyl and ketone groups allow for easy modification through esterification, etherification, or condensation reactions, making it valuable in the design of novel compounds for medicinal chemistry. Also employed in the synthesis of UV-absorbing compounds for use in coatings and polymers.