Used primarily in the synthesis of pharmaceutical intermediates and fine chemicals, this compound serves as a building block in organic reactions due to its reactive ketone and phenolic hydroxyl groups. Its structure supports condensation and substitution reactions, making it valuable in the development of UV-absorbing compounds and antioxidants. It is also employed in the preparation of specialty polymers and functional resins where thermal stability and molecular rigidity are required. Additionally, derivatives of this compound are explored in medicinal chemistry for potential bioactive properties, including anti-inflammatory and antimicrobial applications.