Primarily used in organic synthesis, this compound serves as an intermediate in the production of pharmaceuticals and agrochemicals. Its structure is particularly valuable in peptide synthesis, where it acts as a protecting group for amines, ensuring selective reactions during complex molecule construction. Additionally, it finds application in the development of active pharmaceutical ingredients (APIs) due to its ability to introduce specific functional groups into target molecules. Its stability and reactivity make it a useful building block in the creation of biologically active compounds, including potential drug candidates.