Primarily utilized in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure is particularly valuable in the development of heterocyclic compounds, which are essential in creating drugs with antimicrobial, anti-inflammatory, and anticancer properties. Additionally, it is employed in the synthesis of dyes and pigments, contributing to the coloration of textiles and other materials. Its role in research and development also extends to the study of novel chemical reactions and the exploration of new bioactive molecules.