This compound is primarily utilized in the synthesis of fine chemicals and pharmaceutical intermediates. It serves as a key building block in the production of various organic compounds, particularly those involving ester and aromatic functionalities. Its structure, featuring both a hydroxyl group and an ester group, makes it versatile for chemical modifications, enabling the creation of complex molecules. It is often employed in research and development for designing new drugs, especially in the fields of anti-inflammatory and analgesic agents. Additionally, it finds use in the preparation of polymers and coatings, where its aromatic and ester groups contribute to enhancing material properties.