Used primarily as a chemical intermediate in organic synthesis, this compound serves in the preparation of pharmaceuticals and agrochemicals. Its ester functionality allows it to participate in various condensation and coupling reactions, making it valuable in the construction of complex molecules. It is also employed in the development of specialty chemicals, including fragrances and dyes, due to its ability to act as a building block with reactive ester groups. The presence of both aromatic and ester moieties enhances its utility in medicinal chemistry for modifying molecular solubility and bioavailability during drug design.