Used primarily in the synthesis of pharmaceuticals, this compound serves as a key intermediate in the production of various drugs, particularly those targeting cardiovascular and central nervous system disorders. Its structural properties make it valuable in the development of beta-blockers, which are essential for managing hypertension and arrhythmias. Additionally, it finds application in organic synthesis, where it acts as a building block for creating complex molecules in medicinal chemistry. Its role in the production of fine chemicals and agrochemicals further highlights its versatility in industrial applications.