This chemical is primarily utilized in organic synthesis as a versatile intermediate. It plays a significant role in the development of complex molecules, particularly in the pharmaceutical industry, where it is used to create active pharmaceutical ingredients (APIs). Its structure allows it to participate in various reactions, such as sulfinylation and esterification, making it valuable for modifying or constructing molecular frameworks. Additionally, it finds application in the synthesis of specialty chemicals, where its functional groups enable the creation of compounds with specific properties for use in research or industrial processes. Its role in fine chemical production underscores its importance in advancing chemical innovation.