This compound is primarily utilized in the synthesis of organic intermediates, particularly in the production of fragrances and flavoring agents. Its aromatic structure makes it suitable for creating complex esters that contribute to the scent profiles of various consumer products. Additionally, it serves as a key building block in the pharmaceutical industry for developing active pharmaceutical ingredients (APIs) due to its reactivity and functional groups. In research, it is often employed in organic chemistry studies to explore reaction mechanisms and develop novel synthetic pathways. Its stability and solubility in organic solvents also make it a useful reagent in laboratory settings for various chemical transformations.