Used primarily in the synthesis of pharmaceuticals and agrochemicals, this compound serves as a key intermediate. It plays a crucial role in the production of various heterocyclic compounds, which are essential in developing drugs with therapeutic properties. Additionally, it is utilized in the manufacture of dyes and pigments, contributing to vibrant color formulations in industrial applications. Its reactivity with other chemical agents makes it valuable in organic synthesis, aiding in the creation of complex molecules for research and industrial purposes.