Used in the synthesis of pharmaceutical intermediates, particularly in the development of anti-inflammatory and analgesic agents. It serves as a building block in organic reactions due to the presence of reactive functional groups, enabling the formation of more complex esters and heterocyclic compounds. Also employed in the fragrance industry for its aromatic properties, contributing to the creation of fruity and floral notes in perfumes and flavorings. Its hydroxy and acetyl groups allow for easy modification in dye and polymer applications, enhancing stability and solubility.