Used as a key intermediate in the synthesis of antioxidants and stabilizers for polymers, particularly in enhancing thermal and oxidative stability of plastics and rubber. Also employed in the preparation of liquid crystals and organic semiconductors due to its rigid biphenyl structure and ability to form hydrogen bonds. Its derivatization is common in pharmaceutical research, especially in developing compounds with estrogenic activity or enzyme inhibition properties. Additionally, it serves as a building block in the creation of complex ligands for catalytic metal complexes used in asymmetric synthesis.