Used primarily in organic synthesis, this compound serves as a key intermediate in the production of more complex molecules. It is particularly valuable in the development of pharmaceuticals, where it contributes to the creation of active pharmaceutical ingredients (APIs). Additionally, it finds application in the synthesis of agrochemicals, aiding in the formulation of pesticides and herbicides. Its role in material science is also notable, as it is utilized in the creation of advanced polymers and dyes. The compound's versatility makes it a crucial component in various research and industrial processes.