Primarily used in the synthesis of pharmaceuticals, this compound acts as an intermediate in the production of various drugs, particularly those with anti-inflammatory properties. It is also employed in the development of chelating agents, which are useful in binding and removing metal ions from solutions, making it valuable in water treatment processes. Additionally, it finds application in the preparation of dyes and pigments, contributing to the colorant industry. Its role in organic synthesis extends to the creation of complex molecules for research and industrial purposes.