Used as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and bioactive compounds. It serves as a building block for the development of central nervous system agents due to its structural similarity to certain neurotransmitter analogs. Also employed in the synthesis of fragrances and flavoring agents, where it contributes to the stability and scent profile of the final product. Its derivatization is common in medicinal chemistry for exploring structure-activity relationships in drug discovery programs.