Used in organic synthesis as an intermediate for pharmaceuticals and fine chemicals. Acts as a protected form of 3-(4-hydroxyphenyl)propionic acid, allowing selective reactions at other functional sites. Commonly employed in the development of anti-inflammatory agents and antioxidants due to the phenolic moiety. Also utilized in fragrance and flavor synthesis because of its stability and aromatic characteristics. Suitable for esterification and hydrogenation reactions in controlled environments.