Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals, particularly those targeting anti-inflammatory and analgesic properties. It is also employed in the development of agrochemicals, contributing to the creation of herbicides and pesticides. Additionally, it plays a role in the synthesis of dyes and pigments, enhancing color stability and performance in industrial applications. Its versatility in chemical reactions makes it valuable in research and development for creating novel compounds with specific functional properties.