This compound is primarily utilized in the pharmaceutical industry as an intermediate in the synthesis of various active pharmaceutical ingredients (APIs). It plays a crucial role in the development of nonsteroidal anti-inflammatory drugs (NSAIDs), which are widely used to reduce inflammation, pain, and fever. Additionally, it is employed in research settings to study its potential therapeutic effects and to develop new medicinal compounds with improved efficacy and safety profiles. Its structural properties make it valuable in organic synthesis for creating complex molecules with specific biological activities.