Used primarily in organic synthesis, this compound serves as an intermediate in the production of various pharmaceuticals and fine chemicals. It is particularly valuable in the development of active pharmaceutical ingredients (APIs) due to its reactive hydroxyl and carbonyl groups, which allow for further functionalization. Additionally, it finds application in the synthesis of agrochemicals, contributing to the creation of herbicides and pesticides. Its role in research extends to the study of ketone and phenol derivatives, aiding in the exploration of new chemical reactions and pathways.