Used primarily in the synthesis of organic compounds, it serves as a key intermediate in the production of pharmaceuticals, particularly in the development of anti-inflammatory and analgesic drugs. Its structure allows for effective binding to biological targets, making it valuable in medicinal chemistry. Additionally, it is utilized in the creation of dyes and pigments due to its ability to form stable, colored complexes. In material science, it contributes to the development of polymers and resins, enhancing their durability and performance. Its role in these diverse applications underscores its importance in both industrial and research settings.