Primarily used in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals. It is particularly valuable in the development of drugs targeting the central nervous system, where its structural features contribute to the modulation of neurotransmitter activity. Additionally, it finds application in the synthesis of dyes and pigments, where it acts as a building block for creating complex colorants with specific properties. Its role in the preparation of advanced materials, such as polymers and resins, is also notable, enhancing the performance characteristics of these materials in industrial applications.