This chemical is primarily utilized in the synthesis of pharmaceuticals and agrochemicals due to its versatile structure. It serves as a key intermediate in the production of various drugs, particularly those targeting anti-inflammatory and analgesic effects. Additionally, it is employed in the development of pesticides and herbicides, where its properties help in creating compounds that effectively control pests and weeds. Its role in organic synthesis also extends to the creation of dyes and other specialty chemicals, making it a valuable component in industrial chemistry.