This compound is primarily utilized in the synthesis of pharmaceutical intermediates, particularly in the development of drugs targeting neurological and cardiovascular conditions. Its structure makes it a valuable building block for creating molecules with potential therapeutic effects. Additionally, it is employed in organic chemistry research as a precursor for constructing complex heterocyclic compounds, which are often explored for their biological activity. In industrial applications, it can be used in the production of specialty chemicals, including antioxidants and stabilizers for polymers. Its hydroxyl and methyl groups also make it suitable for modifications in drug design, enhancing solubility and bioavailability of active pharmaceutical ingredients.