This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of more complex molecules. Its structure, featuring both hydroxyl and methoxy groups, makes it a versatile building block for creating pharmaceuticals, particularly those targeting neurological and cardiovascular disorders. Additionally, it is employed in the development of agrochemicals, contributing to the synthesis of compounds that enhance crop protection and yield. Its unique chemical properties also make it valuable in material science, where it is used in the design of advanced polymers and coatings with specific functional characteristics.