This chemical is primarily utilized in organic synthesis as a versatile intermediate. It plays a significant role in the production of fine chemicals and pharmaceuticals, where it serves as a building block for more complex molecules. Its structure allows it to participate in various reactions, such as condensation and cyclization, making it valuable in the development of compounds with potential biological activity. Additionally, it is employed in the synthesis of fragrances and flavoring agents, contributing to the creation of aromatic compounds used in the food and cosmetics industries. Its stability and reactivity make it a useful component in research and industrial applications.