Used as an intermediate in organic synthesis, particularly in the production of pharmaceuticals and fine chemicals. It plays a role in the preparation of esters and other derivatives used in drug development. Commonly employed in acetylation reactions where selective protection of hydroxyl groups is required. Also utilized in the synthesis of dyes and fragrances due to its aromatic structure and reactivity. Its acetoxy group facilitates controlled release in prodrug formulations. Suitable for research applications involving carboxylic acid modifications and aromatic substitutions.