Used in organic synthesis as an intermediate for the production of various pharmaceuticals and fine chemicals. It plays a role in the development of UV-absorbing compounds, particularly in sunscreen formulations, due to its ability to absorb ultraviolet light. Additionally, it is utilized in the synthesis of antioxidants and other bioactive molecules, contributing to advancements in medicinal chemistry and material science. Its ester group makes it a versatile building block for creating complex organic structures.