This compound is primarily used in organic synthesis as an intermediate for the production of various pharmaceuticals and fine chemicals. Its structure allows it to participate in reactions that form complex molecules, particularly in the synthesis of heterocyclic compounds. It is also utilized in the development of active pharmaceutical ingredients (APIs) due to its ability to act as a building block for drug molecules. Additionally, it finds application in research laboratories for studying reaction mechanisms and developing new synthetic methodologies. Its ester group makes it a versatile reagent in esterification and transesterification processes.