This compound is primarily utilized in organic synthesis as a key intermediate for the development of more complex chemical structures. It is particularly valuable in the pharmaceutical industry for the creation of active pharmaceutical ingredients (APIs) due to its functional groups, which allow for further chemical modifications. Additionally, it is employed in research settings for the synthesis of novel compounds with potential therapeutic properties, especially in the development of drugs targeting specific enzymes or receptors. Its structural features also make it useful in material science for designing organic electronic materials or as a building block for advanced polymers.