Used primarily as an intermediate in organic synthesis, this compound plays a crucial role in the production of pharmaceuticals, particularly in the development of anti-inflammatory and antimicrobial agents. It is also utilized in the manufacture of dyes and pigments, contributing to the colorfastness and stability of these materials. In polymer chemistry, it serves as a modifier to enhance the thermal and chemical resistance of certain plastics. Additionally, it finds application in the field of agrochemicals, aiding in the formulation of pesticides and herbicides. Its versatility in various chemical reactions makes it a valuable component in research and industrial processes.