Used as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and agrochemicals. It serves as a building block in the development of anti-inflammatory agents due to its structural similarity to certain non-steroidal anti-inflammatory drugs (NSAIDs). Also employed in the synthesis of liquid crystals and functional materials where aromatic ester and ether moieties are required. Its benzyloxy group can be easily removed or modified, making it valuable in protective group chemistry during multi-step syntheses.