This compound is primarily utilized in organic synthesis as an intermediate for the production of various pharmaceuticals and agrochemicals. It serves as a key building block in the synthesis of compounds with potential biological activity, particularly in the development of drugs targeting neurological and cardiovascular disorders. Additionally, it is employed in the preparation of dyes and pigments due to its ability to form stable, colored complexes. Its application extends to research laboratories where it is used to study reaction mechanisms and develop new synthetic pathways.