Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and fine chemicals. It is particularly valuable in the synthesis of complex molecules, including certain alkaloids and bioactive compounds. Its role as a building block in medicinal chemistry is significant, aiding in the development of drugs targeting neurological and psychological disorders. Additionally, it finds application in the creation of specialized dyes and pigments, contributing to advancements in material science and industrial chemistry.