This compound is primarily utilized in the field of pharmaceutical research and development. It serves as a key intermediate in the synthesis of various biologically active molecules, particularly those targeting specific enzymes or receptors. Its structural framework is often incorporated into compounds designed for anti-inflammatory, anticancer, or antimicrobial applications. Additionally, it is explored in the development of agrochemicals, where it contributes to the creation of novel pesticides or herbicides. The compound's versatility in chemical reactions makes it a valuable building block in organic synthesis for creating complex molecules with potential therapeutic or industrial significance.