Used primarily as a reagent in organic synthesis, this compound is particularly valuable in the preparation of protected intermediates. It serves as a protecting group for carboxylic acids, enabling selective reactions in complex molecules. Additionally, it is employed in the synthesis of peptides and other biologically active compounds, where precise control over chemical reactions is crucial. Its role in the development of pharmaceuticals and agrochemicals is significant, as it aids in the creation of structurally diverse and functionally specific molecules.