Used in the synthesis of fine chemicals and pharmaceuticals, it serves as a precursor in the production of various bioactive compounds. Its role in organic synthesis is crucial for creating complex molecules with specific functional groups. Additionally, it is employed in the development of flavors and fragrances due to its ability to impart unique aromatic properties. In industrial applications, it acts as an intermediate in the manufacture of polymers and resins, contributing to their stability and performance. Its versatility makes it valuable in research and development for exploring new chemical reactions and pathways.