Used primarily in organic synthesis as a versatile intermediate, this compound is valuable in the production of pharmaceuticals, particularly in the development of antibiotics and antifungal agents. It serves as a key building block for creating chiral auxiliaries, which are essential in asymmetric synthesis to produce enantiomerically pure compounds. Additionally, it finds application in the preparation of agrochemicals, contributing to the development of pesticides and herbicides. Its stability and reactivity make it a useful component in research and industrial processes aimed at designing biologically active molecules.