Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals. It is particularly valuable in the synthesis of heterocyclic compounds, which are essential in developing drugs with anti-inflammatory, antimicrobial, and anticancer properties. Additionally, it finds application in the preparation of agrochemicals, contributing to the creation of pesticides and herbicides. Its role in the synthesis of fine chemicals also extends to the development of dyes and pigments, making it a versatile component in industrial chemistry.