Used primarily as an intermediate in the synthesis of UV absorbers and light stabilizers for polymers, this compound plays a key role in enhancing the durability of plastics and coatings exposed to sunlight. It is involved in the production of specialty esters that provide improved weather resistance in automotive coatings, exterior paints, and plastic materials. Additionally, it serves as a building block in organic synthesis for pharmaceuticals and agrochemicals due to its reactive functional groups. Its ability to participate in Knoevenagel condensations makes it valuable in forming carbon-carbon bonds for fine chemicals.