This chemical is primarily used in the field of medicinal chemistry and pharmaceutical research. It serves as a key intermediate in the synthesis of thiazolidinedione derivatives, which are known for their role as antidiabetic agents. These compounds are particularly effective in managing type 2 diabetes by improving insulin sensitivity in the body. Additionally, it has potential applications in the development of anti-inflammatory and anticancer drugs due to its structural properties that can modulate various biological pathways. Researchers also explore its use in creating novel compounds for treating metabolic disorders and other chronic diseases.