This chemical is primarily utilized in the synthesis of various pharmaceutical compounds, particularly those targeting cardiovascular and neurological disorders. Its structure allows it to act as an intermediate in the production of beta-blockers, which are essential in managing conditions like hypertension and arrhythmias. Additionally, it is employed in the development of compounds with potential anti-anxiety and antidepressant properties due to its ability to interact with neurotransmitter systems. In industrial applications, it serves as a key precursor in the manufacture of specialty chemicals used in organic synthesis and material science. Its reactivity and functional groups make it valuable for creating complex molecules in research and development settings.