Used primarily in organic synthesis, it serves as a key intermediate in the production of various pharmaceuticals. Its structure makes it valuable in the development of compounds with potential therapeutic effects, particularly in neurological and cardiovascular research. Additionally, it is employed in the synthesis of specialty chemicals and fine chemicals, contributing to advancements in material science and industrial applications. Its role in chiral synthesis is also notable, aiding in the creation of enantiomerically pure substances for targeted drug development.