Used as a key intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in the development of antimicrobial and antifungal agents. Its functional groups allow for easy modification in multi-step organic reactions, making it valuable in creating biologically active molecules. Commonly employed in the production of specialty dyes and UV stabilizers due to its aromatic structure and reactivity. Also utilized in research settings for the preparation of Schiff bases and other heterocyclic compounds with potential therapeutic applications.