It is primarily used in the synthesis of pharmaceuticals and agrochemicals due to its versatile structure, which allows for the creation of compounds with potential biological activity. In medicinal chemistry, it serves as a key intermediate in the development of drugs targeting various diseases, including anti-inflammatory and anticancer agents. Additionally, its role in the production of pesticides and herbicides highlights its importance in agriculture, where it contributes to enhancing crop protection and yield. The compound's ability to act as a building block in organic synthesis makes it valuable for researchers and industries focused on developing novel chemical entities.