This chemical is primarily utilized in organic synthesis, particularly as an intermediate in the production of more complex molecules. It is often employed in the development of pharmaceuticals, where its structure can be modified to create active compounds with therapeutic properties. Additionally, it serves as a building block in the synthesis of fine chemicals and specialty materials, contributing to the creation of compounds used in various industrial applications. Its reactivity and functional groups make it a valuable component in research and development processes, especially in the fields of medicinal chemistry and material science.