Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals. It is particularly valuable in the development of drugs targeting neurological disorders, where its structure can be modified to enhance therapeutic efficacy. Additionally, it finds application in the creation of agrochemicals, aiding in the formulation of pesticides and herbicides that require specific functional groups for activity. Its role in material science is also noteworthy, contributing to the synthesis of advanced polymers with unique properties. Researchers utilize it to explore new chemical reactions and pathways, making it a versatile tool in both industrial and academic settings.