Used as an intermediate in the synthesis of pharmaceuticals and fine chemicals, particularly in the production of analgesics and anti-inflammatory agents. It serves as a chiral building block in asymmetric synthesis, enabling the development of enantiomerically pure drugs. Also employed in the fragrance industry due to its aromatic characteristics, contributing to the creation of complex scent profiles in perfumes and cosmetics. Its hydroxyl and aromatic functionalities allow for easy modification in organic reactions, making it valuable in research and development of new bioactive molecules.