This compound is primarily utilized in the field of organic synthesis, particularly in the development of complex molecules for pharmaceutical research. Its structure, featuring both methoxy and hydroxy substituents, makes it a valuable intermediate in the synthesis of bioactive compounds, including potential drugs targeting neurological disorders. Additionally, it is explored in material science for the preparation of advanced polymers and coatings, where its aromatic and functional groups contribute to enhanced material properties. Its role in photochemical studies is also noteworthy, as it can act as a photosensitizer or light-absorbing agent in various applications.