This chemical is primarily utilized in the synthesis of organic compounds, particularly in the development of dyes and pigments. It serves as an intermediate in the production of specialty chemicals used in various industrial applications. Additionally, it has been explored for its potential use in the creation of pharmaceutical agents, where its unique structure contributes to the development of bioactive molecules. Its application in research and development also extends to material science, where it is studied for its properties in creating advanced materials with specific functionalities.