Used primarily as an intermediate in the synthesis of pharmaceuticals and fine chemicals. It serves as a building block in the preparation of anti-inflammatory agents and other bioactive molecules due to its ability to undergo transformations such as reduction, hydrolysis, and cyclization. Its aromatic and ester functionalities make it suitable for use in organic reactions including Friedel-Crafts acylation and nucleophilic substitution. Also employed in the development of photoinitiators for polymer chemistry, where it contributes to UV-curable resin systems used in coatings and inks.