Used in organic synthesis as an intermediate for pharmaceuticals and agrochemicals. Acts as a building block in the preparation of bioactive molecules due to the presence of reactive hydroxyl and heterocyclic groups. Commonly employed in the development of dyes, fluorescent probes, and optical brighteners because of its favorable photophysical properties. Also found in the synthesis of coordination compounds with metal ions, useful in catalysis and sensor technologies. Its derivatives show potential in medicinal chemistry, particularly in anti-inflammatory and antimicrobial agents.