This chemical is primarily utilized in the synthesis of various organic compounds, particularly in the development of pharmaceuticals and agrochemicals. Its structure makes it a valuable intermediate in the production of heterocyclic compounds, which are often employed in medicinal chemistry for creating drugs with potential therapeutic effects. Additionally, it plays a role in the preparation of dyes and pigments due to its ability to form stable, colored complexes. In research, it is used as a building block for constructing more complex molecules, aiding in the study of chemical reactions and material properties. Its applications also extend to the field of organic electronics, where it contributes to the development of materials with specific electronic characteristics.