This chemical is primarily utilized in the synthesis of organic compounds, particularly in the development of pharmaceuticals and agrochemicals. It serves as an intermediate in the production of various active ingredients, enabling the creation of complex molecular structures. Its functional groups make it suitable for reactions involving esterification and thioether formation, which are crucial in designing molecules with specific biological activities. Additionally, it finds use in research and development for exploring new chemical entities with potential therapeutic or agricultural benefits. Its versatility in organic synthesis makes it a valuable component in industrial and laboratory settings.