Used primarily in organic synthesis, this compound serves as a building block for creating more complex molecules. It is particularly valuable in the development of pharmaceuticals, where it acts as an intermediate in the synthesis of active pharmaceutical ingredients (APIs). Additionally, it finds application in the production of chelating agents, which are used to bind metal ions in various industrial processes, including water treatment and the stabilization of polymers. Its role in research and development is also notable, as it is employed in the study of chemical reactions and the creation of novel compounds with potential therapeutic or industrial uses.