Used primarily as an intermediate in organic synthesis, this compound plays a crucial role in the production of various pharmaceuticals. It is particularly valuable in the development of drugs targeting the central nervous system, where its structural properties aid in the creation of compounds with specific biological activities. Additionally, it finds application in the synthesis of specialty chemicals, including dyes and pigments, where its reactivity and functional groups contribute to the formation of complex molecules. Its use in research and development also extends to the creation of novel materials with potential industrial applications.