This compound is primarily utilized in the synthesis of various pharmaceutical intermediates. It serves as a key building block in the development of active pharmaceutical ingredients (APIs), particularly in the production of compounds targeting neurological and psychiatric disorders. Its structure is valuable in creating molecules with potential therapeutic effects, such as serotonin receptor modulators, which are essential for treating conditions like depression and anxiety. Additionally, it is employed in organic synthesis for the preparation of fine chemicals and specialty materials, contributing to advancements in medicinal chemistry and drug discovery.