Used extensively in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals, particularly those targeting anti-inflammatory and antimicrobial properties. It is also employed in the development of fluorescent dyes and sensors due to its unique structural properties, which allow for effective binding and detection of specific ions or molecules. Additionally, it finds application in the synthesis of complex organic compounds used in material science, contributing to the creation of advanced polymers and coatings with specialized functionalities.