Used primarily in organic synthesis, this compound serves as a key intermediate in the production of pharmaceuticals, particularly in the development of drugs targeting neurological disorders. It is also employed in the synthesis of dyes and pigments, contributing to vibrant and stable colors in textiles and inks. Additionally, its role in the preparation of antioxidants and corrosion inhibitors makes it valuable in industrial applications, helping to protect materials from degradation. Its chemical properties are leveraged in research for developing novel compounds with potential biological activity.