Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various dyes and pigments. It is particularly valuable in the synthesis of heterocyclic compounds, which are essential in the development of pharmaceuticals and agrochemicals. Additionally, its reactive aldehyde group makes it useful in the preparation of Schiff bases, which have applications in coordination chemistry and material science. The compound also finds use in research settings for studying reaction mechanisms and developing novel chemical entities.