This compound is primarily used in the pharmaceutical industry as an intermediate in the synthesis of nonsteroidal anti-inflammatory drugs (NSAIDs). It plays a crucial role in the production of medications designed to reduce inflammation, relieve pain, and lower fever. Additionally, it is utilized in research and development for creating new therapeutic agents with improved efficacy and reduced side effects. Its applications extend to the field of organic chemistry, where it serves as a building block for more complex molecules in drug discovery and development processes.