This compound is primarily utilized in organic synthesis and pharmaceutical research. It serves as a key intermediate in the development of complex molecules, particularly in the synthesis of bioactive compounds and drug candidates. Its structure, featuring both a hydroxyl group and an alkyne moiety, makes it versatile for various chemical transformations. Additionally, it is employed in the preparation of liquid crystal materials and advanced polymers, where its aromatic and functional groups contribute to desired material properties. Its applications also extend to the field of medicinal chemistry, where it is used to design and optimize molecules with potential therapeutic effects.