Used as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and agrochemicals. Its alkyne and phenolic functional groups allow participation in click chemistry reactions, such as copper-catalyzed azide-alkyne cycloaddition (CuAAC), making it valuable in drug discovery and bioconjugation. Also employed in the development of functional polymers and specialty materials due to its ability to undergo cross-linking and polymerization reactions. Its structure supports the design of liquid crystals and photoactive compounds for use in electronic and optical devices.