Used in the synthesis of liquid crystals and pharmaceuticals, particularly as a building block for drugs targeting inflammation and central nervous system disorders. It serves as an intermediate in the preparation of active pharmaceutical ingredients (APIs) due to its ability to form esters and amides. Also employed in polymer chemistry to introduce aromatic and functionalized moieties into copolymers, enhancing thermal stability and rigidity. Its hydroxymethyl group allows for further chemical modifications, making it valuable in medicinal chemistry for structure-activity relationship (SAR) studies.