Used primarily in the synthesis of organic compounds, it serves as an intermediate in the production of dyes and pigments, enhancing color stability and intensity. It is also employed in the development of UV absorbers for sunscreen formulations, providing protection against harmful ultraviolet rays. Additionally, it plays a role in the creation of pharmaceutical agents, particularly in the synthesis of active ingredients for medications. Its application extends to research laboratories, where it is utilized in various chemical reactions and studies due to its unique properties.