Primarily used in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. It is particularly valuable in the development of active ingredients for medications targeting neurological and cardiovascular conditions. Additionally, it plays a role in the synthesis of certain fragrances and flavoring agents due to its unique chemical structure. In research, it is utilized to study enzyme interactions and metabolic pathways, contributing to advancements in biochemistry and medicinal chemistry. Its derivatives are also explored for potential applications in material science, particularly in the development of specialized polymers.