Used as an intermediate in the synthesis of pharmaceuticals, particularly in the production of central nervous system agents and cardiovascular drugs. It serves as a building block in the development of beta-blockers and other bioactive molecules due to its amine and alcohol functional groups, which allow for easy modification and incorporation into larger structures. Also utilized in the preparation of surfactants and corrosion inhibitors in industrial applications. Its structural flexibility makes it valuable in medicinal chemistry for optimizing drug solubility and binding affinity.