This chemical is primarily utilized in the synthesis of advanced organic compounds, particularly in the development of pharmaceuticals and agrochemicals. Its unique structure makes it a valuable intermediate in creating molecules with specific biological activities. It is often employed in the production of light-sensitive materials, contributing to the formulation of photoinitiators used in UV-curable coatings and inks. Additionally, it plays a role in research and development for designing novel compounds with potential applications in medicinal chemistry, such as targeting specific enzymes or receptors. Its versatility also extends to material science, where it aids in the creation of specialized polymers and functional materials.