This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of more complex chemical structures. Its unique structure makes it valuable in the development of pharmaceuticals, particularly in the synthesis of potential therapeutic agents. Researchers often employ it to create compounds with specific biological activities, such as anti-inflammatory or antimicrobial properties. Additionally, it is used in material science for the development of advanced polymers and coatings, where its chemical properties can enhance durability and performance. Its role in catalysis is also noteworthy, as it can act as a ligand in various catalytic processes, improving efficiency and selectivity in chemical reactions.