Used primarily in the synthesis of pharmaceuticals and fine chemicals, this compound serves as a key intermediate in the production of UV-absorbing molecules. It is employed in the development of sunscreens and cosmetic formulations due to its ability to participate in reactions that yield benzoyl derivatives with photostabilizing properties. Its hydroxyl and ketone functional groups allow for easy modification, making it valuable in organic synthesis for creating antioxidants and bioactive molecules. Additionally, it finds use in the preparation of polymers with enhanced thermal and light stability.