Used primarily in organic synthesis, it serves as a key intermediate in the production of various pharmaceuticals and fine chemicals. Its application is significant in the development of dyes and pigments, where it acts as a precursor to enhance color properties. Additionally, it is utilized in the synthesis of complex organic compounds, particularly in the field of medicinal chemistry, where it contributes to the creation of bioactive molecules. Its role in research and development is crucial for advancing drug discovery and material science.