Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure allows for the introduction of functional groups, making it valuable in the development of active ingredients for medications, particularly those targeting neurological disorders. Additionally, it finds application in the synthesis of specialty chemicals, including dyes and pigments, due to its ability to form stable bonds with other organic molecules. In research, it is utilized to study reaction mechanisms and develop novel compounds with potential therapeutic properties.