This chemical is primarily used in the synthesis of organic compounds, particularly in the development of pharmaceuticals and fine chemicals. It serves as an intermediate in the production of various active pharmaceutical ingredients (APIs), where its functional groups allow for further chemical modifications. Additionally, it finds application in the creation of fragrances and flavoring agents due to its aromatic properties. In research, it is utilized as a building block for developing novel compounds with potential biological activities. Its versatility in chemical reactions makes it valuable in organic synthesis and industrial chemistry.