Used in the synthesis of pharmaceutical intermediates and organic semiconductors due to the presence of the thiophene ring, which enhances electronic properties in conjugated systems. Serves as a building block in the development of conductive polymers and optoelectronic materials. Also employed in fragrance formulations for its mild, floral-woody odor, making it valuable in the flavor and fragrance industry. Its hydroxyl group allows for easy functionalization in multi-step organic synthesis.