Used in organic synthesis as an intermediate for pharmaceuticals and fine chemicals. Its functional groups, including the cyano and carboxylic acid moieties, allow for diverse chemical modifications, making it valuable in the development of active pharmaceutical ingredients. Commonly employed in the preparation of anti-inflammatory and antitumor agents due to its structural similarity to biologically active phenolic compounds. Also utilized in the synthesis of UV-absorbing materials and specialty polymers owing to its conjugated system and stability.