This compound is primarily utilized in the field of organic synthesis as a key intermediate for the production of various pharmaceuticals and agrochemicals. Its structure allows it to serve as a building block for the development of herbicides and plant growth regulators, contributing to enhanced crop protection and yield. Additionally, it is employed in the synthesis of certain heterocyclic compounds, which are valuable in medicinal chemistry for creating drugs with potential therapeutic effects. Its role in these applications underscores its importance in advancing both agricultural and pharmaceutical industries.