This compound is primarily utilized in the pharmaceutical and chemical research industries. It serves as a key intermediate in the synthesis of various bioactive molecules, particularly those targeting neurological and cardiovascular disorders. Its structural properties make it valuable in the development of drugs that interact with specific receptors or enzymes in the body. Additionally, it is explored in the creation of novel compounds with potential antioxidant and anti-inflammatory properties, which could be beneficial in treating chronic diseases. Its application extends to material science, where it is investigated for use in polymer production and as a stabilizer in certain chemical formulations.