This chemical is primarily utilized in the synthesis of organic compounds, particularly in the development of pharmaceuticals and agrochemicals. It serves as a key intermediate in the production of active pharmaceutical ingredients (APIs) that target various diseases, including cancer and inflammatory conditions. Additionally, it is employed in the creation of dyes and pigments due to its ability to form stable, colored complexes. In research, it is used as a building block for constructing more complex molecules in organic chemistry studies. Its unique structure allows for modifications that enhance the efficacy and specificity of the final compounds in their respective applications.