This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of more complex molecules. Its structure, featuring both a chlorophenyl and a dihydroxyphenyl group, makes it particularly valuable in the development of pharmaceuticals. It is often employed in the synthesis of compounds with potential therapeutic properties, such as antioxidants or agents targeting specific biochemical pathways. Additionally, its reactive sites allow for further functionalization, enabling researchers to tailor its properties for specific applications in drug discovery and development.