Used primarily in the synthesis of pharmaceuticals, this compound serves as an intermediate in the production of various drugs, particularly those targeting anti-inflammatory and analgesic effects. It is also employed in organic synthesis to create complex molecules for research and development in medicinal chemistry. Additionally, it finds application in the preparation of dyes and pigments, contributing to the colorant industry. Its role in the development of advanced materials, such as liquid crystals, further highlights its versatility in industrial applications.