This compound is primarily utilized in organic synthesis and material science due to its unique structure and properties. It serves as a key intermediate in the preparation of complex organic molecules, particularly in the synthesis of chiral compounds, where its diol functionality can be exploited for stereoselective transformations. In material science, it is employed in the development of advanced polymers and liquid crystals, where its rigid and aromatic structure contributes to the stability and performance of these materials. Additionally, its potential as a ligand in catalytic systems is being explored, particularly in asymmetric catalysis, where it can help achieve high enantioselectivity in chemical reactions.