Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals, including antifungal and antibacterial agents. It is also employed in the development of agrochemicals, such as pesticides and herbicides, due to its reactivity and ability to form complex structures. Additionally, it finds application in the synthesis of dyes and pigments, contributing to the colorant industry. Its role in research and development is significant, particularly in the creation of novel compounds with potential therapeutic or industrial uses.