This compound is primarily utilized in the synthesis of various pharmaceuticals and agrochemicals. It serves as a key intermediate in the production of active pharmaceutical ingredients (APIs), particularly in the development of drugs targeting neurological and cardiovascular diseases. Its reactive sites allow for further functionalization, making it valuable in creating complex molecules. Additionally, it is used in the preparation of herbicides and pesticides, contributing to the protection of crops from pests and weeds. Its versatility in chemical reactions makes it a crucial component in organic synthesis and research laboratories.