This compound is primarily utilized in organic synthesis as an intermediate for the production of more complex chemical structures. It is particularly valuable in the pharmaceutical industry, where it serves as a building block for the development of active pharmaceutical ingredients (APIs). Its unique structure allows for modifications that can lead to the creation of compounds with potential therapeutic effects. Additionally, it finds application in material science, where it is used in the synthesis of specialty chemicals and polymers, contributing to the development of advanced materials with specific properties. Its role in research and development is also significant, as it aids in the exploration of new chemical reactions and pathways.