Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. It is particularly valuable in the synthesis of fine chemicals, where its acetyl group can be easily modified to create more complex structures. Additionally, it finds application in the development of fragrances and flavoring agents due to its aromatic properties. Its reactivity and stability make it suitable for use in controlled chemical reactions, ensuring high yields and purity in the final products.