This chemical is primarily utilized as an intermediate in the synthesis of various organic compounds, particularly in the production of antioxidants and stabilizers for polymers. It plays a significant role in enhancing the durability and longevity of plastics by preventing oxidative degradation. Additionally, it is employed in the formulation of lubricants and fuel additives, where it helps in reducing friction and improving the efficiency of mechanical systems. In the pharmaceutical industry, it serves as a building block for the development of certain active ingredients, contributing to the creation of therapeutic agents. Its application extends to the field of agrochemicals, where it is used in the synthesis of pesticides and herbicides, aiding in crop protection and yield improvement.