Used in organic synthesis as a key intermediate for producing various heterocyclic compounds. It plays a significant role in the development of pharmaceuticals, particularly in the synthesis of drugs targeting neurological disorders. Also employed in the creation of dyes and pigments due to its ability to form stable, colored complexes. Its derivatives are explored in agrochemical research for potential use in pesticides and herbicides. Additionally, it serves as a building block in material science for designing advanced polymers with specific optical or electronic properties.