Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals. Its structure allows it to act as a building block for creating more complex molecules, particularly those with potential antioxidant properties. It is also employed in the development of chelating agents, which are useful in binding and removing metal ions from solutions, making it valuable in water treatment and purification processes. Additionally, it finds application in research as a reagent for studying biochemical pathways and enzymatic reactions.