Used as an intermediate in organic synthesis, particularly in the production of pharmaceuticals and fine chemicals. It serves as a building block for antioxidants and UV stabilizers due to its phenolic structure, which can scavenge free radicals. Also employed in the development of dyes and fragrances, where the methoxy and phenyl groups contribute to stability and aromatic characteristics. Its derivatives are explored in medicinal chemistry for potential anti-inflammatory and antimicrobial activities.