Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of nonsteroidal anti-inflammatory drugs (NSAIDs) and other bioactive molecules. Its structure allows for easy functionalization, making it valuable in medicinal chemistry for building more complex drug candidates. It is also employed in the preparation of chiral ligands and catalysts used in asymmetric synthesis. Additionally, derivatives of this compound appear in agrochemicals and functional materials due to their stability and reactivity profile.