Used primarily as an intermediate in organic synthesis, this compound plays a crucial role in the production of various pharmaceuticals and agrochemicals. It is particularly valuable in the development of active ingredients for drugs targeting specific diseases, where its structure allows for precise modifications to enhance efficacy. Additionally, it finds application in the synthesis of dyes and pigments, contributing to the vibrant colors in textiles and industrial materials. Its unique chemical properties also make it a useful reagent in research laboratories for studying reaction mechanisms and developing new chemical entities.