Used primarily in organic synthesis, this compound serves as a key intermediate in the production of pharmaceuticals and fine chemicals. Its structure allows for further functionalization, making it valuable in the development of active pharmaceutical ingredients (APIs). It is also employed in the synthesis of complex organic molecules, particularly in the creation of esters and amides, which are essential in drug design and material science. Additionally, its benzoic acid derivative properties make it useful in research and development for studying chemical reactions and mechanisms.