Used in the synthesis of pharmaceuticals, particularly as an intermediate in the production of nonsteroidal anti-inflammatory drugs (NSAIDs). It serves as a building block in organic reactions where a carboxylic acid and aromatic functionality are required for molecular assembly. Its structure allows for easy derivatization, making it valuable in medicinal chemistry for developing drug candidates. Also employed in the preparation of specialty polymers and functional materials due to its ability to form stable esters and amides.