This compound is primarily utilized in the field of organic synthesis and pharmaceutical research due to its structural similarity to caffeic acid derivatives, which are known for their antioxidant properties. It is often studied for its potential therapeutic effects, including anti-inflammatory and neuroprotective activities. Researchers explore its application in developing drugs for conditions like neurodegenerative diseases and oxidative stress-related disorders. Additionally, it serves as a key intermediate in the synthesis of more complex molecules for medicinal chemistry and drug development. Its role in inhibiting enzymes like tyrosinase also makes it relevant in cosmetic formulations aimed at skin whitening and anti-aging products.