Used primarily in organic synthesis, this compound serves as a building block for creating complex molecules, particularly in pharmaceutical research. It is employed in the development of drugs due to its ability to form stable derivatives, which can be crucial in designing active pharmaceutical ingredients. Additionally, it is utilized in coordination chemistry to synthesize metal-organic frameworks (MOFs), which have applications in gas storage, separation processes, and catalysis. Its role in these areas highlights its importance in advancing materials science and medicinal chemistry.