Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various heterocyclic compounds. It is particularly valuable in the synthesis of indole derivatives, which have significant applications in pharmaceuticals and agrochemicals. Additionally, it is employed in the development of dyes and pigments due to its ability to form stable complexes with metal ions. Its role in analytical chemistry is also noteworthy, where it is used as a reagent for the detection and quantification of specific metal ions in various samples.