Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. It is particularly valuable in the synthesis of heterocyclic compounds, which are essential in developing drugs with antimicrobial, anti-inflammatory, and anticancer properties. Additionally, it finds application in the preparation of dyes and pigments, contributing to the coloration of textiles and other materials. Its reactivity with different chemical groups makes it a versatile building block in research and industrial chemistry.