This chemical is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of more complex molecules. Its structure allows it to participate in various chemical reactions, making it valuable for creating pharmaceuticals, agrochemicals, and specialty chemicals. In pharmaceutical research, it is often employed to develop compounds with potential therapeutic properties, particularly in the areas of anti-inflammatory and anti-cancer drug discovery. Additionally, its versatility in chemical transformations makes it a useful component in material science, aiding in the synthesis of polymers and advanced materials with specific properties.