This compound is primarily utilized in organic synthesis as a versatile intermediate. It plays a significant role in the production of pharmaceuticals, particularly in the development of active pharmaceutical ingredients (APIs). Its structure allows for modifications that can lead to the creation of various biologically active molecules, making it valuable in drug discovery and development. Additionally, it is employed in the synthesis of agrochemicals, contributing to the formulation of pesticides and herbicides. Its reactivity and functional groups make it a useful building block in the preparation of complex organic compounds in both industrial and research settings.