Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and fine chemicals. Its structure allows it to participate in reactions that form complex molecules, particularly in the synthesis of heterocyclic compounds. Additionally, it is utilized in the development of dyes and pigments due to its ability to form stable, colored complexes. In research, it is often employed to study reaction mechanisms and to develop new synthetic pathways. Its versatility makes it valuable in both industrial and academic settings.