Used primarily in organic synthesis, this compound serves as a key intermediate in the production of complex molecules, particularly in pharmaceutical research. Its structure allows for the creation of various heterocyclic compounds, which are often explored for potential therapeutic properties. Additionally, it is utilized in the development of dyes and pigments due to its ability to form stable, colorful complexes. In material science, it contributes to the synthesis of polymers and coatings with specific optical or mechanical properties. Its reactivity with amines and other nucleophiles makes it valuable in constructing advanced organic frameworks.