This chemical is primarily utilized in organic synthesis as an intermediate for the production of more complex molecules. It is often employed in the development of pharmaceuticals, where it serves as a building block for active pharmaceutical ingredients (APIs). Additionally, it finds application in the synthesis of advanced materials, including polymers and liquid crystals, due to its ability to introduce specific functional groups into a molecular structure. Its ester and alkene functionalities make it a versatile reagent in various coupling reactions, such as Heck and Suzuki reactions, which are crucial in creating carbon-carbon bonds in synthetic chemistry.