This chemical is commonly used as an intermediate in the synthesis of various organic compounds, particularly in the production of fragrances and flavoring agents. Its structure allows it to contribute to the creation of aromatic esters, which are key components in perfumes and food additives. Additionally, it finds application in the development of pharmaceuticals, where it serves as a building block for active ingredients. Its hydroxyl and ester functional groups make it versatile for further chemical modifications in industrial processes.