Used in the synthesis of organic compounds, particularly in the production of pharmaceuticals and fine chemicals. It serves as a key intermediate in the creation of various drugs, including anti-inflammatory and anti-cancer agents. Additionally, it is employed in the development of dyes and pigments due to its ability to form stable, colored complexes. In research, it is utilized to study reaction mechanisms and to develop new synthetic methodologies. Its unique structure makes it valuable in material science for creating polymers with specific optical properties.