Used in organic synthesis as a building block for pharmaceuticals and biologically active compounds. Serves as a precursor in the production of certain central nervous system agents and psychoactive substances. Employed in research settings to study amine neurotransmitter systems due to structural similarity to natural monoamines. Also utilized in the fragrance industry for the synthesis of aroma compounds, particularly in floral-type perfumes, owing to its rose-like odor profile when modified. Acts as a chiral auxiliary or reagent in asymmetric synthesis.