Used primarily as a building block in organic synthesis, this compound plays a crucial role in the production of pharmaceuticals and agrochemicals. Its methoxy and thiol groups make it a versatile intermediate for creating complex molecules, particularly in the development of drugs targeting various diseases. Additionally, it is employed in the synthesis of specialty chemicals, including dyes and pigments, where its unique structure helps achieve desired color properties and stability. In material science, it serves as a modifier in polymer production, enhancing the properties of resins and coatings. Its application extends to the fragrance industry, where it contributes to the creation of specific aromatic compounds.