Used as an intermediate in the synthesis of agrochemicals and pharmaceuticals, particularly in the production of certain herbicides and dyes. It serves as a chiral building block in asymmetric synthesis, enabling the development of enantiomerically pure compounds. Its potassium salt form enhances solubility in aqueous systems, making it suitable for reactions in polar media. Also employed in the preparation of specialty polymers and complexing agents due to its ability to coordinate with metal ions.