Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various heterocyclic compounds. It is particularly valuable in the synthesis of benzimidazole derivatives, which have applications in pharmaceuticals, including the development of antifungal and antiparasitic agents. Additionally, it is utilized in the preparation of dyes and pigments, contributing to the creation of colorants for textiles and other materials. Its role in research and development is significant, especially in studying the properties and reactivity of complex organic molecules.