Used primarily as an intermediate in organic synthesis, this compound plays a key role in the production of various pharmaceuticals and agrochemicals. It is particularly valuable in the development of compounds with potential therapeutic properties, such as inhibitors for specific enzymes or receptors. Additionally, it is utilized in the creation of dyes and pigments due to its structural properties, which allow for the formation of stable and vibrant colors. Its versatility in chemical reactions makes it a useful building block in research and industrial applications.