Used as an intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in the production of non-steroidal anti-inflammatory drugs (NSAIDs). It serves as a building block in organic reactions due to the presence of both ester and phenolic functional groups, enabling derivatization for drug development. Also employed in the preparation of UV-absorbing compounds for use in sunscreens and protective coatings. Its methyl and hydroxyl substituents allow for selective modification in multi-step synthetic pathways.