This compound is primarily utilized in the synthesis of fragrances and flavoring agents due to its aromatic properties. It acts as an intermediate in the production of various perfumes and scented products, contributing to sweet, floral, or balsamic notes. Additionally, it is employed in the pharmaceutical industry for the development of certain drugs, particularly those targeting neurological or inflammatory conditions, owing to its structural similarity to bioactive molecules. In research, it serves as a building block for organic synthesis, aiding in the creation of complex chemical structures.