Used as a chiral intermediate in the synthesis of pharmaceuticals and fine chemicals, particularly in the production of optically active compounds. Its structure allows for selective transformations in asymmetric synthesis, making it valuable in the development of active pharmaceutical ingredients (APIs) where stereochemistry is critical. Commonly employed in the preparation of fragrances and flavoring agents due to its aromatic and alcohol functional groups. Also utilized in research settings for the development of new catalytic asymmetric reactions.