Used as an intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in the development of compounds with biological activity. It also serves as a building block in the preparation of fluorescent dyes and optoelectronic materials due to its favorable photophysical properties. Its structural motif is found in some antimicrobial and anti-inflammatory agents, making it valuable in medicinal chemistry research. Additionally, derivatives of this compound are explored in coordination chemistry as ligands for metal complexes with potential catalytic or sensor applications.