Primarily used in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. It is particularly valuable in the development of heterocyclic compounds, which are essential in drug discovery for their biological activity. Additionally, it finds application in the synthesis of fluorescent dyes and optical brighteners, contributing to advancements in materials science. Its role in creating complex molecular structures makes it a crucial component in research laboratories focused on medicinal chemistry and material innovation.