This chemical is primarily utilized in the synthesis of organic compounds, particularly in the development of pharmaceuticals and agrochemicals. Its structure makes it a valuable intermediate in creating complex molecules, often serving as a building block for active ingredients in drugs. Additionally, it finds applications in material science, where it is used in the production of specialty polymers and resins. Its role in research and development is significant, as it aids in the study of chemical reactions and the creation of novel compounds with potential industrial or medicinal uses.