Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and fine chemicals. Its structure is particularly valuable in the development of compounds with potential antioxidant and anti-inflammatory properties. Additionally, it finds application in the synthesis of dyes and pigments, where its specific functional groups contribute to the desired color and stability. In research, it is utilized to study reaction mechanisms involving phenolic and ketonic groups, aiding in the advancement of synthetic methodologies.