This compound is primarily utilized in organic synthesis as a key intermediate for the production of more complex molecules. Its structure, featuring both an ester and an alkene functional group, makes it a versatile building block in the creation of pharmaceuticals, agrochemicals, and fine chemicals.

In pharmaceutical research, it is often employed in the development of active pharmaceutical ingredients (APIs) due to its ability to undergo various chemical transformations, such as hydrogenation, hydrolysis, and cyclization. This allows for the synthesis of diverse therapeutic agents targeting specific biological pathways.

Additionally, it finds application in the fragrance and flavor industry. The ester group contributes to its potential use in creating aromatic compounds, where it can impart fruity or floral notes to perfumes and food flavorings. Its phenyl group further enhances its utility in designing molecules with specific scent profiles.

In material science, this compound can be used in the synthesis of polymers or coatings, where its reactive sites enable the formation of cross-linked networks, enhancing material properties such as durability and resistance to environmental factors.

Overall, its multifunctional nature makes it a valuable component in various industrial and research applications.