This chemical is primarily utilized in the synthesis of various pharmaceutical compounds due to its versatile structure. It serves as a key intermediate in the production of drugs targeting neurological disorders, including Alzheimer's disease and Parkinson's disease. Additionally, it is employed in the development of anti-inflammatory and antimicrobial agents, making it valuable in medicinal chemistry. Its role in organic synthesis also extends to the creation of agrochemicals, particularly in the formulation of pesticides and herbicides. Researchers often use it to explore new chemical reactions and pathways, contributing to advancements in synthetic organic chemistry.