Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure allows for the introduction of the oxazole ring into more complex molecules, which is valuable in developing compounds with potential biological activity. It is also utilized in the synthesis of heterocyclic compounds, which are important in medicinal chemistry for creating drugs with antimicrobial, anti-inflammatory, or anticancer properties. Additionally, it finds application in material science for the development of advanced materials with specific electronic or photonic properties.