Used as an intermediate in organic synthesis, particularly in the preparation of flavonoids and other polyphenolic compounds with antioxidant properties. Employed in the pharmaceutical industry for synthesizing anti-inflammatory and antimicrobial agents. Also serves as a building block in the development of UV-absorbing compounds for use in sunscreens and cosmetic formulations due to its ability to absorb ultraviolet light. Its hydroxyl groups allow for easy derivatization, making it valuable in the design of novel bioactive molecules.