This chemical is primarily utilized in the field of organic synthesis and material science. It serves as a key intermediate in the production of various organic compounds, particularly those with potential pharmacological activities. Its structure, featuring both methoxy and hydroxyl functional groups, makes it suitable for developing molecules with antioxidant, anti-inflammatory, and anticancer properties. Additionally, it is explored in the synthesis of advanced materials, including polymers and coatings, due to its ability to enhance stability and performance. Research also investigates its role in photochemical applications, leveraging its conjugated system for light-sensitive processes.