Used primarily as a reagent in organic synthesis, this compound is instrumental in the preparation of various dyes and pigments. It serves as a key intermediate in the production of photoactive materials, particularly those used in photocopiers and laser printers. Additionally, it is employed in the synthesis of pharmaceutical compounds, where it acts as a building block for drugs targeting neurological and cardiovascular diseases. Its role in creating UV absorbers for sunscreens and coatings also highlights its importance in the personal care and polymer industries.