This chemical is primarily used as an intermediate in organic synthesis, particularly in the production of pharmaceuticals and agrochemicals. It is often employed in the preparation of esters and other derivatives, which are crucial in the development of active pharmaceutical ingredients (APIs). Additionally, it serves as a reagent in the modification of peptides and proteins, aiding in the study of biochemical processes. Its role in facilitating specific chemical reactions makes it valuable in research and industrial applications where precise molecular transformations are required.