Used as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and fine chemicals. It serves as a building block in the formation of heterocyclic compounds due to the reactivity of both the carbonyl and hydroxyl functional groups. Commonly employed in the development of fragrances and flavoring agents because of its aromatic characteristics. Also utilized in the synthesis of UV-absorbing compounds for use in coatings and polymers to enhance light stability. Its dual functional group allows for use in cross-coupling reactions and derivatization processes in research laboratories.