This chemical is primarily utilized in the synthesis of organic compounds, particularly in the development of pharmaceuticals. It serves as a key intermediate in the production of certain drugs, especially those targeting cardiovascular and neurological conditions. Its structure allows for modifications that enhance the efficacy and specificity of the final drug molecules.

In research, it is often employed in the study of enzyme inhibition and receptor binding, contributing to the understanding of biochemical pathways. Additionally, it finds application in the preparation of dyes and pigments, where its benzoic acid derivatives are used to create stable and vibrant colors. Its role in these areas highlights its versatility and importance in both industrial and academic settings.