Used primarily as a building block in organic synthesis, this compound is valuable in the production of advanced materials, including polymers and specialty chemicals. It serves as a key intermediate in the development of liquid crystal displays (LCDs) and other electronic components due to its ability to modify the properties of polymers, enhancing their thermal stability and optical characteristics. Additionally, it is employed in pharmaceutical research for the synthesis of bioactive molecules, particularly in the development of compounds with potential therapeutic applications. Its unique structure allows for the introduction of specific functional groups, making it a versatile reagent in fine chemical manufacturing.