This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure is particularly valuable in the development of heterocyclic compounds, which are often employed in the creation of drugs targeting specific biological pathways. Additionally, it is used in the synthesis of dyes and pigments, contributing to the coloration of materials in industrial applications. Its role in the creation of complex molecules makes it a significant component in research and development within the chemical industry.