This chemical is primarily utilized in organic synthesis as an intermediate for the production of more complex molecules. It is often employed in the development of pharmaceuticals, where its structure can be modified to create active drug compounds. Additionally, it serves as a building block in the synthesis of specialty chemicals used in various industrial applications, including the formulation of polymers and agrochemicals. Its diketone functionality makes it a valuable precursor in the creation of heterocyclic compounds, which are essential in many chemical processes.