Used primarily as an intermediate in organic synthesis, this compound plays a key role in the production of pharmaceuticals, particularly in the development of active pharmaceutical ingredients (APIs). It is also utilized in the synthesis of fine chemicals and agrochemicals, where its structure aids in creating complex molecules. Additionally, it serves as a building block in the preparation of various esters, which are important in flavors, fragrances, and specialty chemicals. Its versatility in reactions makes it valuable in research and industrial applications.