This compound is primarily utilized in the field of organic synthesis as a versatile reagent. It is particularly effective in the preparation of heterocyclic compounds, which are essential in the development of pharmaceuticals and agrochemicals. Its unique structure allows it to act as a key intermediate in the synthesis of various biologically active molecules, including those with potential antimicrobial and antifungal properties. Additionally, it is employed in the production of dyes and pigments, contributing to the coloration of materials in industrial applications. Its role in catalysis and as a building block in complex chemical reactions underscores its importance in advanced chemical research and development.