Used primarily as an intermediate in the synthesis of dyes and pigments, it plays a crucial role in the production of colorants for textiles, plastics, and inks. Its chemical structure allows it to act as a stabilizer in polymers, enhancing the durability and longevity of materials exposed to UV light and heat. Additionally, it finds application in the development of antioxidants for lubricants and fuels, helping to prevent oxidation and degradation. In the pharmaceutical industry, it serves as a building block for the synthesis of certain active pharmaceutical ingredients (APIs), contributing to the creation of drugs with specific therapeutic properties. Its versatility makes it valuable across various industrial sectors.