This chemical is primarily used in organic synthesis as an intermediate for the production of various pharmaceutical compounds. It plays a crucial role in the synthesis of heterocyclic compounds, which are essential in developing drugs with therapeutic properties. Additionally, it is utilized in the preparation of dyes and pigments due to its ability to form stable, colored complexes. In research, it serves as a building block for the development of novel organic molecules with potential applications in medicinal chemistry and material science. Its reactivity and structural properties make it valuable in creating compounds with specific biological or chemical activities.