Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. It is particularly valuable in the development of compounds with potential therapeutic properties, such as anticancer and antiviral agents. Additionally, it is employed in materials science for the synthesis of organic electronic materials, including hole-transporting layers in organic light-emitting diodes (OLEDs) and other optoelectronic devices. Its role in facilitating complex chemical reactions makes it a crucial component in advanced research and industrial applications.