Used primarily in the pharmaceutical and chemical research industries, this compound serves as a key intermediate in the synthesis of various bioactive molecules. It is often employed in the development of hydrazide-based derivatives, which are explored for their potential therapeutic properties, including antimicrobial, anticancer, and anti-inflammatory activities. Additionally, it plays a role in the preparation of Schiff bases, which are studied for their applications in coordination chemistry and material science. Its methoxyphenoxy group contributes to its utility in designing compounds with specific electronic and steric properties, making it valuable in drug discovery and organic synthesis.