Used primarily in organic synthesis, this compound serves as a key intermediate in the production of pharmaceuticals and agrochemicals. Its structure allows for the creation of complex molecules, particularly in the development of heterocyclic compounds. Additionally, it finds application in the synthesis of dyes and pigments, contributing to vibrant and stable colorants. In material science, it is utilized for modifying polymers to enhance their thermal and chemical stability. Its versatility also extends to the field of coordination chemistry, where it acts as a ligand to form metal complexes with potential catalytic properties.