Used as an intermediate in the synthesis of pharmaceuticals, particularly in the development of active pharmaceutical ingredients (APIs) for drugs targeting central nervous system disorders and anti-inflammatory agents. Its structure allows for selective functionalization, making it valuable in constructing complex organic molecules. Also employed in the preparation of agrochemicals, including herbicides and fungicides, due to its reactivity and ability to enhance bioactivity. Additionally, it serves as a building block in the creation of dyes and fluorescent compounds used in imaging and sensor technologies.