This chemical is primarily utilized in the synthesis of various organic compounds, particularly in the production of specialty polymers and resins. It serves as a key intermediate in the manufacture of high-performance materials, including those used in coatings and adhesives. Additionally, it is employed in the development of pharmaceuticals, where it acts as a building block for active pharmaceutical ingredients (APIs) with potential therapeutic applications. Its role in UV stabilizers and antioxidants also makes it valuable in enhancing the durability and longevity of plastics and other materials exposed to environmental stressors.