Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of active pharmaceutical ingredients (APIs) for drugs targeting inflammation and central nervous system disorders. Its functional groups allow for selective reactions in multi-step organic syntheses, making it valuable in constructing complex molecules. Also employed in the preparation of agrochemicals, such as herbicides and fungicides, due to its ability to impart stability and bioactivity. Additionally, it serves as a building block in the production of dyes and specialty organic compounds used in research laboratories.