Used in the synthesis of pharmaceuticals, particularly in the production of anti-inflammatory and analgesic drugs. It serves as a key intermediate in the manufacture of various organic compounds, including fragrances and flavoring agents. In the agricultural sector, it is utilized in the development of plant growth regulators. Additionally, it finds application in research laboratories for studying biochemical pathways and enzymatic reactions. Its derivatives are also employed in the production of polymers and resins, contributing to material science advancements.