This compound is primarily used in organic synthesis as an intermediate for the production of various pharmaceuticals and agrochemicals. Its structure makes it a valuable building block for creating complex molecules, particularly those with biphenyl or carboxylate functionalities. It is often employed in the development of active pharmaceutical ingredients (APIs) where the biphenyl moiety is crucial for biological activity. Additionally, it finds application in material science for the synthesis of advanced polymers and coatings, leveraging its aromatic and ester groups to enhance material properties. Its hydroxyl group also allows for further functionalization, making it versatile in research and industrial applications.