Used primarily as an intermediate in organic synthesis, especially in the preparation of pharmaceuticals and fine chemicals. Its phenolic and hydroxymethyl functional groups allow for easy modification, making it valuable in the development of antioxidants and UV stabilizers. It also serves as a building block in the synthesis of certain flavor and fragrance compounds due to its structural similarity to natural phenolic compounds. Additionally, it has been explored in the formulation of specialty polymers and resins where controlled reactivity and stability are required.