Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various dyes and pigments. It is also utilized in the development of pharmaceuticals, particularly in the synthesis of compounds with potential biological activity. Additionally, it plays a role in the creation of corrosion inhibitors and antioxidants for industrial applications. Its structure allows it to act as a building block in the preparation of complex organic molecules, making it valuable in research and development within the chemical industry.