Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the production of antifungal agents and other biologically active imidazole derivatives. Its structure allows for easy modification in drug design, making it valuable in medicinal chemistry. Also employed in the development of agrochemicals and plant growth regulators due to its ability to influence biological systems. Additionally, it serves as a building block in the preparation of functionalized heterocyclic compounds for research in organic synthesis.