This chemical is primarily utilized in organic synthesis as a versatile intermediate. It plays a significant role in the production of complex molecules, particularly in the pharmaceutical industry, where it is used to develop various active pharmaceutical ingredients (APIs). Its structure makes it valuable for constructing cyclic compounds, which are often found in drugs targeting neurological and cardiovascular conditions. Additionally, it is employed in research settings to study reaction mechanisms and develop novel synthetic pathways. Its application extends to the creation of specialty chemicals and fine chemicals, contributing to advancements in material science and industrial chemistry.