Used primarily in organic synthesis, this compound serves as an intermediate in the production of various pharmaceuticals and agrochemicals. Its structure is particularly valuable in the development of active pharmaceutical ingredients (APIs) due to the presence of both ester and hydroxyl functional groups, which allow for further chemical modifications. It is also employed in the synthesis of complex molecules for research purposes, including the study of phenolic compounds and their derivatives. Additionally, it finds use in the preparation of fragrances and flavoring agents, leveraging its aromatic properties.