This chemical is primarily utilized in organic synthesis as a versatile intermediate. It plays a significant role in the preparation of various heterocyclic compounds, which are essential in the development of pharmaceuticals and agrochemicals. The compound is particularly valuable in the synthesis of amino acids and peptides, where it acts as a protecting group for amines, ensuring selective reactions during complex molecular constructions. Additionally, it is employed in the production of Schiff bases, which are crucial in coordination chemistry and material science for creating metal complexes and advanced polymers. Its reactivity and stability make it a key component in research and industrial applications aimed at developing new bioactive molecules and functional materials.