Primarily used in organic synthesis, this compound serves as a key intermediate in the development of various pharmaceuticals and agrochemicals. Its structure allows for selective reactions, making it valuable in constructing complex molecules. It is often employed in the synthesis of carbamate derivatives, which are essential in producing insecticides, herbicides, and certain drugs. Additionally, its reactivity with amines and alcohols makes it useful in peptide coupling and polymer chemistry, contributing to advancements in material science and drug delivery systems.