This compound is primarily utilized in the synthesis of organic molecules, particularly in the development of pharmaceuticals and fine chemicals. It serves as a key intermediate in the production of active pharmaceutical ingredients (APIs) due to its functional groups that allow for versatile chemical transformations. Additionally, it is employed in the creation of specialty polymers and coatings, where its structure contributes to enhanced material properties such as stability and adhesion. Its role in research and development is also significant, particularly in the study of novel chemical reactions and pathways.