Used as an intermediate in the synthesis of pharmaceuticals, particularly in the production of local anesthetics and antiseptic agents. Its structure allows for easy modification, making it valuable in developing active ingredients in antimicrobial formulations. Also employed in the preparation of resins and polymers where phenolic functionality is needed for cross-linking or stabilization. Additionally, it serves in the development of agrochemicals, contributing to the creation of certain pesticides and plant growth regulators.