Used primarily in the synthesis of dyes and pigments, this compound plays a crucial role in the production of colorants for textiles, inks, and coatings. Its structure allows it to act as an intermediate in the creation of complex dye molecules, contributing to vibrant and stable colors. Additionally, it finds application in organic synthesis for the development of pharmaceuticals and agrochemicals, where its functional groups enable the construction of biologically active molecules. Its versatility in chemical reactions makes it valuable in research and industrial processes.