Used as an intermediate in organic synthesis, particularly in the preparation of heterocyclic compounds like benzoxazoles and benzofurazans, which have applications in pharmaceuticals and agrochemicals. Acts as a chelating agent in metal ion detection and removal due to its ability to form stable complexes with transition metals. Employed in the development of corrosion inhibitors for metals in industrial systems. Also utilized in the synthesis of Schiff bases, which exhibit biological activities such as antimicrobial and antioxidant properties, making them valuable in medicinal chemistry research.