Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of antimalarial and antimicrobial agents. Its structure supports chelation with metal ions, making it useful in analytical chemistry for the detection and separation of metal ions such as aluminum, bismuth, and zinc. Also employed in the preparation of fluorescent probes and sensors due to its favorable photophysical properties. Additionally, it serves as a building block in agrochemicals and in the formulation of corrosion inhibitors.