This chemical is primarily utilized in the synthesis of various organic compounds, particularly in the development of pharmaceuticals and agrochemicals. It serves as a key intermediate in the production of certain drugs, including those with anti-inflammatory and analgesic properties. Additionally, it is employed in the creation of herbicides and pesticides, contributing to the control of weeds and pests in agricultural settings. Its role in these applications stems from its ability to undergo various chemical reactions, making it a versatile building block in organic synthesis.