Used as an intermediate in organic synthesis, particularly in the production of pharmaceuticals and fine chemicals. It serves as a building block in the preparation of flavonoids and other biologically active compounds. Commonly employed in the synthesis of fragrances and flavoring agents due to its aromatic characteristics. Also utilized in the development of UV absorbers and photostabilizers for cosmetics and polymers, enhancing product stability under sunlight. Its hydroxyl and ketone functional groups allow for diverse chemical modifications, making it valuable in research and industrial applications.