This chemical is primarily used in organic synthesis as a versatile intermediate. It plays a significant role in the production of various pharmaceuticals, agrochemicals, and fine chemicals. Its structure allows it to participate in reactions that form complex molecules, making it valuable in drug development and research. Additionally, it is utilized in the synthesis of flavoring agents and fragrances due to its ability to contribute to unique aromatic compounds. In industrial applications, it serves as a building block for creating specialized polymers and coatings. Its reactivity and functional groups make it a key component in chemical manufacturing processes.