This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of more complex molecules. Its unique structure makes it valuable for constructing pharmacologically active compounds, particularly in the development of drugs targeting neurological disorders. Additionally, it is employed in the synthesis of chiral catalysts, which are essential for asymmetric synthesis in the pharmaceutical and fine chemical industries. The compound's stability and reactivity also make it a suitable candidate for research in material science, particularly in the development of novel polymers with specific optical or mechanical properties.