This compound is primarily utilized in the synthesis of various organic intermediates, particularly in the production of dyes and pigments. Its structure allows it to act as a building block for creating complex molecules used in colorants for textiles, inks, and coatings. Additionally, it finds application in the pharmaceutical industry, where it serves as a precursor in the development of certain drugs, especially those targeting neurological and psychiatric conditions. Its reactivity and functional groups make it valuable in research and development for designing novel chemical entities with potential therapeutic effects.