Used primarily in organic synthesis, this compound serves as an intermediate in the production of various pharmaceuticals and agrochemicals. Its structure allows it to participate in reactions that form complex molecules, particularly those involving the introduction of methoxyphenyl groups. Additionally, it is utilized in the development of dyes and pigments, where its reactivity with other chemicals helps create stable and vibrant colorants. In research, it is often employed to study reaction mechanisms and develop new synthetic pathways.