Used as an important intermediate in the synthesis of pharmaceuticals, particularly in the production of non-steroidal anti-inflammatory drugs (NSAIDs) and selective COX-2 inhibitors. Also serves as a building block in agrochemicals, aiding in the development of herbicides and fungicides due to its ability to enhance bioactivity. Its structure supports the creation of complex molecules with improved stability and target specificity. Additionally, it finds use in research for developing new dyes and fluorescent compounds.