Primarily utilized in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure allows for further functionalization, making it valuable in the development of compounds with potential biological activity. It is often employed in the synthesis of heterocyclic compounds, which are crucial in drug discovery and development. Additionally, it can be used in research settings to study reaction mechanisms and to create novel chemical entities for testing in medicinal chemistry. Its application extends to the preparation of dyes and other specialty chemicals, where its reactivity and stability are advantageous.