Used primarily in organic synthesis, this compound serves as an intermediate in the production of more complex chemical structures. It is particularly valuable in the development of liquid crystals, which are essential components in display technologies like LCDs. Additionally, it finds application in the pharmaceutical industry, where it is utilized in the synthesis of active pharmaceutical ingredients (APIs) and other bioactive molecules. Its role in material science is also notable, contributing to the creation of advanced polymers and specialty chemicals. The compound's unique structure allows for selective reactions, making it a versatile building block in various chemical processes.