Used primarily in the field of medicine, this compound plays a significant role in the synthesis of various pharmaceutical agents. It is particularly valuable in the development of drugs targeting neurological disorders, where it helps in modulating neurotransmitter activity. Additionally, it finds application in the production of specialty chemicals that are utilized in advanced material sciences, contributing to the creation of polymers with enhanced properties. Its utility in organic synthesis is also noted, where it serves as a building block for complex molecules in research and industrial applications.