Primarily utilized in organic synthesis, this compound 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 essential in creating drugs with antimicrobial, anti-inflammatory, and anticancer properties. Additionally, it is employed in the synthesis of dyes and pigments due to its ability to form stable, colored complexes. In material science, it contributes to the development of advanced polymers and coatings, enhancing their durability and performance. Its application in research also extends to the study of reaction mechanisms and the development of novel synthetic pathways.