Used as an intermediate in the synthesis of antioxidants and stabilizers for polymers, particularly in rubber and plastic industries. Its structure allows for effective radical scavenging, helping to prevent degradation caused by heat, light, or oxidation. Also employed in the development of specialty chemicals for lubricants and fuels to improve longevity and performance under high-stress conditions. Additionally, it serves as a building block in some agrochemicals and pharmaceuticals due to its reactive phenolic and thiol groups.