This chemical is primarily utilized in organic synthesis as a versatile intermediate for the development of various pharmaceuticals and biologically active compounds. Its structure allows for further functionalization, making it valuable in the creation of complex molecules. It is often employed in medicinal chemistry research for the synthesis of potential drug candidates, particularly in the development of anti-inflammatory and antimicrobial agents. Additionally, it serves as a building block in the preparation of heterocyclic compounds, which are essential in the design of materials with specific electronic or optical properties. Its role in cross-coupling reactions also makes it significant in the field of catalysis and material science.