Used primarily in organic synthesis, it serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure allows for the introduction of phenoxy and aldehyde functional groups into target molecules, making it valuable in the development of compounds with potential biological activity. Additionally, it is employed in the synthesis of dyes and pigments due to its ability to form complex aromatic structures. Its reactivity also makes it useful in research for creating novel chemical entities in medicinal chemistry.