Used primarily in organic synthesis, this compound serves as an intermediate in the production of more complex chemical structures. Its functional groups make it suitable for further modifications, such as bromination or chlorination reactions, which are essential in pharmaceutical and agrochemical manufacturing. Additionally, it can be utilized in the development of specialty chemicals, including dyes and pigments, due to its aromatic properties and reactivity. Its role in research and development is significant for creating novel compounds with potential applications in various industries.