Used primarily in organic synthesis, this compound serves as a key intermediate in the production of pharmaceuticals and agrochemicals. Its hydroxyl and ester functional groups make it versatile for further chemical modifications, enabling the creation of complex molecules. It is also employed in the development of UV absorbers and stabilizers for polymers, enhancing the durability of materials exposed to sunlight. Additionally, it finds application in the synthesis of fragrances and flavoring agents due to its aromatic properties.