This compound is primarily utilized in organic synthesis as a versatile intermediate. It serves as a key building block in the preparation of various pharmaceuticals, particularly in the development of compounds with potential antimicrobial and anticancer properties. Its structure, featuring both hydroxyl and aldehyde functional groups, allows for selective chemical modifications, making it valuable in creating complex molecules. Additionally, it is employed in the synthesis of dyes and pigments due to its ability to form stable chromophores. Researchers also explore its use in material science for designing functionalized polymers and coatings.