Used as an intermediate in organic synthesis, particularly in the production of pharmaceuticals and fine chemicals. Its structure supports the development of active ingredients in medicinal compounds, especially in central nervous system agents and anti-inflammatory drugs. Also employed in the preparation of chiral auxiliaries and ligands for asymmetric synthesis, aiding in the creation of enantiomerically pure substances. Additionally, it finds use in fragrance formulations due to its stable alcohol functional group and aromatic character.