Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals, particularly those targeting neurological and cardiovascular conditions. Its structure allows for effective modification, making it valuable in the development of novel drugs. Additionally, it finds application in agricultural chemistry, where it is utilized to create herbicides and pesticides with enhanced efficacy. The compound's stability and reactivity also make it suitable for research in material science, particularly in the development of advanced polymers and coatings.