Used primarily in the synthesis of pharmaceutical compounds, this chemical serves as a key intermediate in the production of various drugs. It is particularly valuable in the development of antidepressants and antipsychotic medications due to its structural properties that allow for effective binding to neurotransmitter receptors. Additionally, it is utilized in the creation of agrochemicals, specifically in the formulation of herbicides and pesticides, where it contributes to the enhancement of product efficacy. Its role in organic synthesis also extends to the preparation of specialty chemicals used in research and industrial applications.