Used as a key intermediate in the synthesis of fluorescent dyes and optical brighteners due to its ability to form conjugated systems that absorb and emit light efficiently. Commonly employed in the development of sensors for metal ions, especially aluminum and zinc, where it acts as a chelating ligand with colorimetric or fluorogenic response. Also utilized in pharmaceutical research for building blocks in heterocyclic compounds, particularly in the formation of benzoxazoles and quinazolines with potential biological activity. Its hydroxyl and aldehyde functional groups allow for easy modification in organic synthesis, making it valuable in creating specialty chemicals for imaging and diagnostic applications.