This compound is primarily utilized in the synthesis of pharmaceutical agents due to its structural properties, which make it a valuable intermediate in drug development. It is often employed in the creation of anti-inflammatory and analgesic medications, as its structure can be modified to enhance therapeutic effects. Additionally, it serves as a key component in the production of certain dyes and pigments, where its chemical structure contributes to color stability and intensity. In research settings, it is used as a building block for developing novel compounds with potential biological activities, aiding in the discovery of new treatments for various diseases.