This compound is primarily utilized in organic synthesis as a key intermediate for the development of complex molecules. Its structure, featuring reactive functional groups, makes it suitable for constructing pharmacologically active compounds, particularly in the field of medicinal chemistry. Researchers employ it to design and synthesize potential drug candidates, especially those targeting specific biological pathways or enzymes. Additionally, its unique reactivity allows for the creation of specialized polymers or materials with tailored properties, often used in advanced material science applications. Its role in facilitating precise chemical transformations underscores its importance in both academic and industrial research settings.