This compound is primarily utilized in organic synthesis as an intermediate for the production of more complex molecules. It is often employed in the development of pharmaceuticals, particularly in the synthesis of active pharmaceutical ingredients (APIs) that require specific brominated aromatic structures. Additionally, it serves as a building block in the creation of organic materials, such as liquid crystals or polymers, where its functional groups can be modified to achieve desired properties. Its hydroxyl and methoxy groups make it a versatile reagent in coupling reactions and other chemical transformations.