Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of antifungal and anticancer agents. Its structure allows for selective functionalization, making it valuable in creating active ingredients in agrochemicals such as herbicides and insecticides. Also employed in the production of dyes and fluorescent compounds due to its ability to participate in coupling reactions. Commonly utilized in research settings for the preparation of novel organic molecules through palladium-catalyzed cross-coupling reactions.