This compound is primarily utilized in the synthesis of pharmaceutical intermediates, particularly in the development of anti-inflammatory and analgesic drugs. Its structure allows it to act as a key building block in the production of nonsteroidal anti-inflammatory drugs (NSAIDs), which are widely used to reduce pain and inflammation. Additionally, it finds application in organic synthesis as a precursor for various esters and amides, which are further used in the creation of specialized chemicals and active pharmaceutical ingredients (APIs). Its role in fine chemical manufacturing is significant due to its versatility and reactivity in forming complex molecules.