This compound is primarily utilized in pharmaceutical research and development, particularly as a key intermediate in the synthesis of various biologically active molecules. Its structure is often leveraged to create compounds with potential therapeutic properties, such as anti-inflammatory, antiviral, or anticancer agents. Additionally, it is employed in agrochemical research to develop new pesticides or herbicides due to its reactivity and ability to form stable derivatives. Its versatility in organic synthesis makes it a valuable building block in the creation of complex chemical structures for diverse industrial applications.