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 complex molecules, particularly those involving amine and alcohol functional groups. Its structure allows for further derivatization, making it valuable in the development of drugs targeting neurological and cardiovascular systems. Additionally, it finds application in the creation of dyes and pigments due to its aromatic ring and reactive sites. Researchers also explore its potential in the development of novel materials with specific optical or electronic properties.