Used primarily as an intermediate in the production of dyes and pigments, it plays a crucial role in enhancing color fastness and stability in textiles. It is also employed in the synthesis of certain pharmaceutical compounds, where it acts as a building block for active ingredients. Additionally, it finds application in the manufacturing of specialty chemicals, contributing to the development of products with specific functional properties. Its solubility in water makes it suitable for use in aqueous formulations, particularly in industries requiring precise chemical reactions.