This chemical is primarily utilized in organic synthesis as a key intermediate in the production of various pharmaceuticals and agrochemicals. It is particularly valuable in the synthesis of compounds with potential biological activities, such as antimicrobial and antifungal agents. Additionally, it finds application in the development of dyes and pigments due to its ability to form stable and complex structures. Its reactive functional groups make it a versatile building block in the creation of more complex molecules, often employed in research and industrial settings for the development of new chemical entities.