Used primarily as an intermediate in the synthesis of nonsteroidal anti-inflammatory drugs (NSAIDs), particularly naproxen. It serves as a chiral building block in pharmaceutical manufacturing, where its optical isomers play a critical role in determining the efficacy and safety of the final drug product. The compound is also utilized in asymmetric synthesis and catalysis research due to its stable aromatic structure and functional group reactivity. Its derivatization supports the development of enantioselective processes in the production of active pharmaceutical ingredients.