Used primarily as an intermediate in organic synthesis, this compound plays a crucial role in the production of pharmaceuticals and agrochemicals. Its structure allows for further functionalization, making it valuable in the development of complex molecules. Additionally, it is employed in the manufacture of dyes and pigments due to its ability to introduce specific functional groups into aromatic systems. The compound's reactivity with nucleophiles also makes it useful in cross-coupling reactions, which are essential in creating advanced materials and fine chemicals.