Used in the synthesis of organic compounds, particularly in the production of polymers and resins, where it acts as a building block or intermediate. It is also employed in the development of specialty chemicals, such as surfactants and plasticizers, due to its hydroxyl and phenyl groups. Additionally, it finds application in the pharmaceutical industry for creating active pharmaceutical ingredients (APIs) or drug intermediates. Its structure makes it suitable for use in coatings, adhesives, and other industrial materials requiring specific chemical properties.