Used primarily as an intermediate in organic synthesis, this compound serves in the preparation of pharmaceuticals and fine chemicals. Its structure allows for functional group transformations, making it valuable in constructing more complex molecules. It is also utilized in the development of active pharmaceutical ingredients, particularly in routes involving aromatic ketones. Additionally, it may act as a building block in the synthesis of psychoactive substances, which has led to regulatory scrutiny in some regions. Handling requires caution due to potential health risks and controlled substance implications.