Primarily utilized in organic synthesis, this compound serves as a key intermediate in the production of complex organic molecules. Its structure is particularly valuable in the development of pharmaceuticals, where it acts as a building block for active pharmaceutical ingredients (APIs). Additionally, it finds application in the field of material science, contributing to the synthesis of advanced polymers and resins with specific optical or mechanical properties. Its role in research and development is also notable, aiding in the study of new chemical reactions and pathways.