Used in organic synthesis as a versatile intermediate for creating complex molecules. It is particularly valuable in the preparation of pharmaceuticals and bioactive compounds due to its functional groups, which allow for further chemical modifications. The compound is also employed in the development of fine chemicals and specialty materials, where its structure can be tailored to specific applications. Additionally, it serves as a building block in the synthesis of natural products and analogs, aiding in research and development within the chemical and life sciences industries.