Used primarily 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 compounds with potential biological activity, such as anti-inflammatory and antimicrobial agents. Additionally, it is utilized in the synthesis of dyes and pigments, contributing to the colorant industry. Researchers also explore its role in creating advanced materials, including polymers and coatings, due to its ability to modify chemical properties and enhance performance.