This compound is primarily utilized in organic synthesis and pharmaceutical research. It serves as a key intermediate in the development of various bioactive molecules, particularly those with potential therapeutic applications. Its structure is often exploited in the design of compounds targeting specific enzymes or receptors, making it valuable in drug discovery. Additionally, it has been studied for its potential use in the synthesis of heterocyclic compounds, which are important in medicinal chemistry due to their diverse biological activities. Researchers also explore its role in creating novel materials with specific electronic or optical properties.