This chemical is primarily utilized in organic synthesis as a versatile reagent. It serves as a key intermediate in the preparation of various pharmaceuticals and agrochemicals. Its structure allows it to act as a protecting group for carboxylic acids, facilitating complex reactions in multi-step synthesis. Additionally, it is employed in the development of novel compounds with potential biological activity, particularly in the field of medicinal chemistry. Its stability and reactivity make it a valuable tool in the synthesis of heterocyclic compounds, which are often used in drug discovery and development.