Used as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and fine chemicals. It serves as a building block in the development of liquid crystals and functional materials due to its stable aromatic structure and ester functionality. Its benzyloxy group can be selectively deprotected, allowing for controlled modification in multi-step syntheses. Also employed in the research of ester-based prodrugs, where it helps modulate solubility and bioavailability.