This compound is primarily utilized in the synthesis of various pharmaceutical agents, particularly those targeting neurological and cardiovascular conditions. Its structure serves as a key intermediate in the development of benzimidazole derivatives, which are known for their therapeutic potential. Additionally, it is employed in the production of corrosion inhibitors, especially in industrial settings where metal protection is crucial. The chemical also finds application in organic research as a building block for complex molecules, aiding in the study of novel chemical reactions and pathways. Its versatility makes it valuable in both medicinal chemistry and material science.