Used primarily in organic synthesis, this compound serves as a key intermediate in the preparation of various pharmaceuticals and agrochemicals. It is particularly valuable in the development of compounds with potential biological activity, such as inhibitors for specific enzymes or receptors. Additionally, it finds application in the synthesis of dyes and pigments due to its aromatic structure, which can enhance color properties. Its role in research and development is significant, especially in the creation of novel materials and chemical entities for industrial and medical purposes.