This compound is primarily utilized in the synthesis of various heterocyclic compounds, which are significant in pharmaceutical research. It serves as a key intermediate in the development of drugs targeting inflammation and pain, due to its structural properties that allow for effective binding to biological targets. Additionally, it is employed in the creation of agrochemicals, where it contributes to the formulation of products that protect crops from pests and diseases. Its role in organic synthesis is also notable, as it facilitates the construction of complex molecules used in material science and chemical engineering.