Used primarily in organic synthesis, this compound serves as a versatile intermediate in the production of pharmaceuticals and fine chemicals. Its structure allows it to act as a protective group for alcohols during complex reactions, ensuring stability and selectivity. It is also employed in the development of specialty polymers and resins, where its functional groups contribute to enhanced material properties. Additionally, it finds application in the synthesis of agrochemicals, aiding in the creation of compounds with improved efficacy and environmental compatibility.