Used primarily in the field of organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure is particularly valuable in the development of compounds with potential biological activity, such as antimicrobial and antiviral agents. Additionally, it is utilized in the creation of dyes and pigments due to its ability to form stable, colored complexes. In research, it is often employed as a building block for the synthesis of more complex heterocyclic compounds, which are crucial in medicinal chemistry for drug discovery and development.