Used as an intermediate in the synthesis of flavonoids and other bioactive compounds, particularly in pharmaceuticals and natural product derivatives. It serves as a building block in the preparation of antioxidants and anti-inflammatory agents due to its phenolic structure. Also employed in the development of UV-absorbing compounds for use in cosmetics and sunscreens. Its hydroxy and carbonyl functional groups allow for easy modification in organic synthesis, making it valuable in research laboratories for creating complex aromatic molecules.