This compound is primarily utilized in the synthesis of various organic molecules, particularly in the pharmaceutical and agrochemical industries. It serves as a key intermediate in the production of active pharmaceutical ingredients (APIs) and other bioactive compounds. Its structure allows for modifications that can lead to the development of drugs with potential therapeutic effects, such as anti-inflammatory or antimicrobial properties. Additionally, it finds application in the creation of fine chemicals and specialty materials, where its functional groups enable diverse chemical reactions, including condensation and coupling processes. Its role in research and development is significant, aiding in the discovery of new chemical entities with potential industrial and medicinal value.