Used primarily as an intermediate in the synthesis of various pharmaceuticals and agrochemicals, it plays a key role in the production of active ingredients for medications and crop protection products. Its structure is valuable in creating compounds with specific biological activities, particularly in the development of drugs targeting neurological and cardiovascular systems. Additionally, it is utilized in the manufacture of specialty chemicals, such as corrosion inhibitors and surfactants, which are essential in industrial applications. Its versatility in organic synthesis makes it a crucial component in research and development for new chemical entities.