Used primarily in the synthesis of various pharmaceuticals, this compound serves as an intermediate in the production of drugs, particularly those targeting cardiovascular and central nervous system disorders. It is also employed in the development of antioxidants and stabilizers for polymers, enhancing the durability and performance of plastic materials. Additionally, it finds application in the creation of dyes and pigments, contributing to the coloration of textiles and other materials. Its role in organic synthesis extends to the preparation of fine chemicals, where it acts as a building block for more complex molecules.