Used primarily in organic synthesis, this compound serves as an intermediate in the production of various pharmaceuticals. It is particularly valuable in the synthesis of beta-blockers, which are medications used to manage abnormal heart rhythms and high blood pressure. Additionally, it finds application in the development of fragrances and flavors, contributing to the creation of complex aromatic compounds. Its role in chemical research is also notable, as it is utilized in the study of reaction mechanisms and the development of new synthetic pathways.