Used as an intermediate in the synthesis of various organic compounds, particularly in the production of polymers and resins. It plays a role in the manufacture of specialty chemicals, including plasticizers and coatings, due to its ability to enhance flexibility and durability. Additionally, it is employed in the development of pharmaceuticals, where it serves as a building block for active pharmaceutical ingredients (APIs). Its application extends to the field of agrochemicals, contributing to the formulation of pesticides and herbicides. The compound's stability and reactivity make it valuable in research and industrial processes requiring precise chemical modifications.