This chemical is primarily utilized in the synthesis of various organic compounds, particularly in the production of antioxidants and stabilizers for industrial applications. It serves as a key intermediate in the manufacture of polymers and resins, where it enhances durability and resistance to degradation. Additionally, it is employed in the development of pharmaceuticals, contributing to the creation of drugs with antioxidant properties. Its role in research and development is also notable, as it is used to study chemical reactions and mechanisms involving phenolic compounds.