This chemical is widely used in organic synthesis as an intermediate for producing more complex compounds. It plays a key role in the development of liquid crystal materials, which are essential for display technologies like LCD screens. Additionally, it is utilized in the pharmaceutical industry for synthesizing active pharmaceutical ingredients (APIs) due to its biphenyl structure, which is often found in drug molecules. Its hydroxyl and carboxylate functional groups make it a versatile building block for creating polymers and fine chemicals.