This compound is primarily utilized in the synthesis of various pharmaceutical agents due to its versatile chemical structure. It serves as a key intermediate in the production of drugs targeting a range of medical conditions, including anti-inflammatory and antimicrobial treatments. Additionally, it is employed in the development of agrochemicals, contributing to the creation of pesticides and herbicides that protect crops from pests and diseases. Its role in organic synthesis is also notable, as it participates in the formation of complex molecules used in research and industrial applications.