Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmacologically active molecules. It is particularly valuable in the development of antifungal and antimicrobial agents due to its structural properties, which can be modified to enhance biological activity. Additionally, it finds application in the synthesis of complex heterocyclic compounds, which are often explored for their potential in medicinal chemistry. Its role in creating novel compounds for drug discovery and material science makes it a significant chemical in research and industrial applications.