Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of antidiabetic and antiviral agents. Its structure allows for functionalization at multiple sites, making it valuable in medicinal chemistry for building heterocyclic compounds. It is also employed in agrochemical research for designing new herbicides and plant growth regulators due to its reactivity and ability to form stable derivatives. Additionally, it serves in materials science for creating specialty polymers with enhanced thermal and chemical resistance.