This compound is primarily utilized in the synthesis of fine chemicals and pharmaceutical intermediates. Its structure makes it a valuable building block in organic chemistry, particularly in the development of complex molecules. It is often employed in research settings to study chemical reactions and mechanisms, such as esterification and aromatic substitution. Additionally, it may serve as a precursor in the production of fragrances or flavoring agents due to its aromatic properties. Its specific applications are often tailored to the needs of specialized chemical processes or product development.