This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of more complex chemical structures. Its hydroxyl and ester functional groups make it a versatile building block for creating various pharmaceuticals and fine chemicals. In the pharmaceutical industry, it is often employed in the synthesis of active pharmaceutical ingredients (APIs) due to its ability to undergo selective reactions, enabling the formation of specific therapeutic compounds. Additionally, it finds application in the development of antioxidants and anti-inflammatory agents, leveraging its phenolic structure to scavenge free radicals and modulate biological pathways. Its role in research and development also extends to the creation of novel materials with potential applications in coatings, adhesives, and specialty polymers.