Used as an intermediate in the synthesis of pharmaceuticals, particularly in the production of non-steroidal anti-inflammatory drugs (NSAIDs) and other bioactive molecules. Its structure allows for easy functionalization, making it valuable in building more complex organic compounds. Commonly employed in condensation reactions to form heterocyclic compounds, which are prevalent in medicinal chemistry. Also utilized in the development of agrochemicals and dyes due to its reactivity and stability under various reaction conditions.