Used as an intermediate in the synthesis of various pharmaceuticals, particularly in the development of drugs targeting neurological conditions. It is also employed in the production of specialty chemicals, including surfactants and detergents, due to its ability to enhance solubility and stability. In industrial applications, it serves as a corrosion inhibitor, protecting metal surfaces in harsh environments. Additionally, it finds use in research laboratories for studying chemical reactions and developing new compounds with potential therapeutic or industrial benefits.