Used primarily as a versatile intermediate in organic synthesis, this compound plays a key role in the production of pharmaceuticals, particularly in the development of active pharmaceutical ingredients (APIs). Its structure allows it to act as a building block for more complex molecules, often contributing to the creation of drugs targeting neurological and cardiovascular conditions. Additionally, it finds application in the formulation of specialty chemicals, including surfactants and corrosion inhibitors, due to its ability to modify surface properties and enhance stability in various industrial processes. In research, it serves as a reagent for studying reaction mechanisms and developing novel synthetic pathways.