Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of nonsteroidal anti-inflammatory drugs (NSAIDs) and other bioactive molecules. Its structure allows for functional modifications that enhance drug stability and activity. Also employed in agricultural chemistry for the production of herbicides and plant growth regulators due to its ability to interfere with plant hormone systems. Additionally, it serves as a building block in organic synthesis, especially in reactions involving conjugated systems for the preparation of specialty chemicals and UV-absorbing compounds in sunscreens and polymers.