This chemical is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of more complex molecules. Its unique structure makes it valuable for constructing pharmacologically active compounds, particularly in the development of drugs targeting specific enzymes or receptors. Additionally, it is employed in the creation of agrochemicals, contributing to the synthesis of pesticides or herbicides with enhanced efficacy. Its role in material science is also notable, as it can be incorporated into polymers or coatings to impart specific properties like durability or chemical resistance. Overall, it is a versatile building block in both pharmaceutical and industrial applications.