Used primarily as an intermediate in organic synthesis, this compound serves in the preparation of pharmaceuticals and fine chemicals. Its functional groups allow for derivatization in multi-step reactions, particularly in the formation of heterocyclic systems. It is also employed in the development of specialty polymers and ligands for metal catalysis due to its ability to chelate metal ions. The bromine substituent enables cross-coupling reactions, making it valuable in building complex aromatic structures for drug discovery and materials science.