This compound is primarily utilized in the synthesis of various organic molecules, particularly in the pharmaceutical and agrochemical industries. It serves as a key intermediate in the production of compounds with potential biological activities, such as antioxidants, anti-inflammatory agents, and antimicrobial substances. Its methoxy and ethanol functional groups make it a versatile building block for constructing complex chemical structures. Additionally, it is employed in research and development for creating novel materials and studying chemical reactions due to its unique structural properties.