This chemical is primarily utilized in organic synthesis as a key intermediate for the production of various pharmaceuticals and agrochemicals. Its structure makes it valuable for constructing complex molecules, particularly in the development of compounds with biological activity. It is also employed in the synthesis of heterocyclic compounds, which are important in medicinal chemistry for designing drugs with therapeutic properties. Additionally, it finds use in the preparation of dyes and pigments due to its ability to form stable and vibrant colorants. In research, it serves as a building block for studying chemical reactions and developing new synthetic methodologies.