This chemical is primarily utilized in the field of organic synthesis as a key intermediate for the development of complex molecules. Its unique structure makes it valuable in the construction of heterocyclic compounds, which are often found in pharmaceuticals and agrochemicals. The compound is particularly useful in asymmetric synthesis, enabling the creation of chiral molecules with high enantiomeric purity. It is also employed in the preparation of bioactive compounds, including potential drug candidates targeting specific biological pathways. Additionally, its reactivity allows for further functionalization, making it a versatile building block in medicinal chemistry and material science research.