This chemical is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of more complex molecules. It is particularly valuable in the development of pharmaceuticals, where it can be incorporated into compounds that exhibit biological activity. Additionally, it is used in the creation of ligands for catalysis, especially in processes that require precise molecular structures to facilitate chemical reactions. Its unique structure also makes it suitable for research in material science, where it can be employed to develop new materials with specific electronic or optical properties.