Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure allows for further functionalization, making it valuable in the development of potential drug candidates, particularly in anticancer and antimicrobial research. Additionally, it is employed in the synthesis of complex heterocyclic compounds, which are essential in material science for creating advanced polymers and dyes. Its reactivity with nucleophiles also makes it useful in cross-coupling reactions, aiding in the construction of diverse molecular frameworks.