Used as an intermediate in organic synthesis, particularly in the production of pharmaceuticals and fine chemicals. Its ester and hydroxyl functional groups allow for further chemical modifications, making it valuable in creating complex molecules. Commonly employed in the development of active pharmaceutical ingredients (APIs) where a hydroxyalkyl-substituted aromatic scaffold is needed. Also utilized in fragrance and flavor industries due to its ability to act as a precursor for ester-based aroma compounds. Its structure supports derivatization into lactones or ethers, which are key motifs in bioactive molecules.