This chemical is primarily utilized in the synthesis of organic compounds, particularly in the production of pharmaceuticals and agrochemicals. It serves as a key intermediate in the development of active ingredients for medications, especially those targeting specific biological pathways. Additionally, it is employed in the creation of dyes and pigments due to its ability to form stable colorants. Its hydroxy and aldehyde functional groups make it valuable in crosslinking reactions, which are essential in polymer chemistry for enhancing material properties. Furthermore, it is explored in research for its potential applications in advanced materials and nanotechnology.