Primarily used in the pharmaceutical industry, this compound serves as a key intermediate in the synthesis of various active pharmaceutical ingredients (APIs). Its structure allows for the development of drugs targeting specific biological pathways, particularly in anti-inflammatory and analgesic medications. Additionally, it finds application in organic synthesis, where it acts as a building block for more complex molecules in research and development. The compound is also utilized in the production of agrochemicals, contributing to the creation of herbicides and pesticides with enhanced efficacy. Its unique properties make it valuable in material science as well, particularly in the development of advanced polymers and coatings.