This chemical is primarily utilized in the pharmaceutical industry as an intermediate in the synthesis of various drugs. Its structure allows it to be a key building block in the production of compounds with potential therapeutic effects, particularly in the development of nootropic agents and cognitive enhancers. Additionally, it is employed in the creation of polymers and resins, where it contributes to enhancing the material's properties, such as flexibility and durability. In the field of organic synthesis, it serves as a versatile reagent for constructing complex molecules, often used in the preparation of heterocyclic compounds. Its application extends to the production of specialty chemicals, where it acts as a precursor in the formulation of adhesives, coatings, and other industrial products.