Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals. It is particularly valuable in the development of compounds with potential therapeutic effects, such as anti-inflammatory and analgesic agents. Additionally, it finds application in the synthesis of dyes and pigments, contributing to the coloration of textiles and other materials. Its role in research and development is significant, aiding in the creation of novel chemical entities for further study and potential commercialization.