This compound is primarily utilized in organic synthesis as a key intermediate for the production of various pharmaceuticals and fine chemicals. Its structure, featuring both formyl and hydroxyl functional groups, makes it a versatile building block in the synthesis of complex molecules. It is often employed in the development of anti-inflammatory and antimicrobial agents, where its reactive sites allow for further modifications to enhance biological activity. Additionally, it is used in the preparation of dyes and pigments, leveraging its aromatic core to create stable and vibrant colorants. In research, it serves as a precursor for studying chemical reactions involving aldehydes and esters, contributing to advancements in synthetic methodologies.