Used as an intermediate in organic synthesis, particularly in the production of pharmaceuticals and agrochemicals. It serves as a building block for ester and phenolic derivatives due to its hydroxyl and ester functional groups. Commonly employed in fragrance formulations for its aromatic characteristics. Also utilized in the development of UV-absorbing compounds for use in sunscreens and cosmetic products. Its structure allows for easy modification in synthetic pathways to create more complex bioactive molecules.