Used primarily as an intermediate in the synthesis of dyes and pigments, this compound plays a crucial role in producing vibrant colors for textiles and inks. It is also utilized in the development of organic light-emitting diodes (OLEDs) due to its ability to enhance luminescence and efficiency. Additionally, it serves as a building block in the creation of pharmaceutical compounds, particularly in the synthesis of active ingredients for various medications. Its versatile nature makes it valuable in research and industrial applications.