Primarily utilized in the field of organic synthesis, this compound serves as a versatile intermediate for the development of more complex chemical structures. It is particularly valuable in the synthesis of heterocyclic compounds, which are crucial in pharmaceutical research for creating potential drug candidates. Additionally, it finds application in the preparation of agrochemicals, where it contributes to the development of new pesticides and herbicides. Its unique structure allows for modifications that can lead to compounds with specific biological activities, making it a key component in the discovery of novel therapeutic agents.