This compound is primarily utilized in the field of organic synthesis and material science. It serves as a key intermediate in the production of various organic compounds, particularly those requiring complex phenolic structures. Its multiple hydroxyl groups make it a valuable building block for creating polymers and resins with enhanced thermal stability and mechanical properties. Additionally, it finds application in the development of UV-absorbing materials, where its structure contributes to effective light absorption and stabilization. In the pharmaceutical industry, it is explored for its potential antioxidant properties, which could be beneficial in formulating drugs aimed at combating oxidative stress-related conditions. Its role in research also extends to the study of polyphenolic compounds and their interactions in biological systems.