Used as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and fine chemicals. Its acetoxy and ester functional groups make it suitable for use in acylation reactions and as a building block in multi-step syntheses. Commonly employed in the development of active pharmaceutical ingredients where protected hydroxyl groups are required, allowing selective deprotection and further modification. Also finds use in the synthesis of fragrances and specialty esters due to its aromatic backbone and modifiable functional groups.