This chemical is primarily utilized in the field of organic synthesis as a key intermediate for the preparation of various complex molecules. Its unique structure makes it suitable for use in the development of specialized dyes and pigments, particularly those requiring high stability and specific color properties. Additionally, it is employed in the synthesis of coordination compounds, which are essential in catalysis and material science. Its role in forming chelating agents is also notable, as these agents are critical in metal ion sequestration and purification processes. Furthermore, it finds application in the pharmaceutical industry for the creation of active pharmaceutical ingredients (APIs) with specific functional groups.