Primarily used in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals. It is particularly valuable in the development of anti-inflammatory and analgesic drugs due to its structural properties. Additionally, it finds application in the creation of agrochemicals, where it contributes to the synthesis of herbicides and insecticides. Its role in the synthesis of heterocyclic compounds is also notable, aiding in the development of materials with potential use in electronic and optical devices.