This compound is primarily utilized in organic synthesis as an intermediate for the production of various pharmaceuticals and fine chemicals. Its structure, featuring both hydroxyl and ester functional groups, makes it a versatile building block in the synthesis of complex molecules. It is often employed in the development of antioxidants and anti-inflammatory agents due to its phenolic properties, which can help in scavenging free radicals and reducing oxidative stress. Additionally, it finds application in the preparation of dyes and pigments, where its aromatic ring structure contributes to color stability and intensity. In research, it is used to study chemical reactions involving phenolic compounds and to develop new methodologies in organic chemistry.