Used as an intermediate in the synthesis of pharmaceuticals, particularly in the production of selective serotonin reuptake inhibitors (SSRIs) and other central nervous system agents. It serves as a building block in agrochemicals for developing herbicides and plant growth regulators. Also employed in the manufacture of specialty chemicals, including ligands for catalytic reactions and functional materials in electronic applications. Its structure allows for easy functionalization, making it valuable in research and development of new bioactive compounds.