This chemical is primarily used as an intermediate in organic synthesis, particularly in the production of pharmaceuticals and agrochemicals. Its structure allows it to participate in various reactions, such as cyclization and condensation, making it valuable for creating complex molecules. In the pharmaceutical industry, it is utilized in the synthesis of compounds with potential therapeutic properties, including anti-inflammatory and antimicrobial agents. Additionally, it finds application in the development of dyes and pigments due to its ability to form stable, colored compounds. Its versatility in chemical reactions makes it a useful component in research and industrial processes.