Used primarily in organic synthesis, it serves as a key intermediate for the preparation of various biologically active compounds. It is particularly valuable in the development of pharmaceutical agents, where it acts as a building block for molecules with potential therapeutic effects. Additionally, it finds application in the production of specialty chemicals, including polymers and resins, where its functional groups enable modifications to enhance material properties. Its role in research and development is significant, aiding in the creation of novel compounds for medical and industrial purposes.