Used as an intermediate in the synthesis of pharmaceuticals and fine chemicals, particularly in the production of nonsteroidal anti-inflammatory drugs (NSAIDs). It serves as a building block in organic reactions due to the presence of both hydroxyl and ketone functional groups, enabling derivatization through alkylation, acylation, and condensation reactions. Also employed in the fragrance industry for the preparation of aromatic compounds owing to its stable aromatic structure and reactivity profile.