This chemical is primarily used in the synthesis of organic compounds, particularly in the production of pharmaceuticals and agrochemicals. It serves as a key intermediate in the development of various drugs, including those targeting cardiovascular diseases and infections. Additionally, it is utilized in the creation of dyes and pigments due to its ability to form stable, colored complexes. Its role in coordination chemistry is also notable, as it acts as a ligand in the formation of metal complexes, which are applied in catalysis and material science. The compound's versatility makes it valuable in research and industrial applications.