Primarily utilized in the pharmaceutical industry, this compound serves as a key intermediate in the synthesis of various therapeutic agents. Its unique structure allows it to act as a building block for developing drugs targeting neurological disorders, particularly those involving the modulation of neurotransmitter systems. Additionally, it finds application in agricultural chemistry, where it is used to create compounds that enhance crop protection by acting as growth regulators or pest control agents. In research settings, it is employed in the development of novel chemical entities for studying biological pathways and mechanisms.