Used primarily in organic synthesis, this compound serves as a key intermediate in the production of pharmaceuticals and agrochemicals. It is particularly valuable in the synthesis of various heterocyclic compounds, which are essential in developing drugs with antimicrobial, anti-inflammatory, and anticancer properties. Additionally, it finds application in the creation of dyes and pigments, contributing to the coloration of textiles and other materials. Its reactive aldehyde and hydroxyl groups make it a versatile building block for constructing complex molecules in research and industrial chemistry.