Used primarily in the pharmaceutical industry as an intermediate in the synthesis of various drugs, including beta-blockers and other cardiovascular medications. It also finds application in the production of dyes and pigments, where it acts as a building block for complex colorants. In organic chemistry, it serves as a reagent for the preparation of other chemical compounds, particularly those requiring a phenol group with an aminomethyl substituent. Additionally, it is utilized in research and development for creating new materials with potential industrial or medical uses.