Used primarily as an intermediate in the synthesis of acetylsalicylic acid (aspirin), this compound plays a key role in acetylation reactions. It transfers acetyl groups efficiently under controlled conditions, making it valuable in pharmaceutical manufacturing. Its reactivity allows for esterification of phenolic hydroxyl groups, particularly in salicylic acid derivatives. Due to its sensitivity to moisture, it is handled under anhydrous conditions in industrial settings. Limited use is found in polymer chemistry as a mild acylating agent.