Used primarily as an intermediate in organic synthesis, this compound plays a key role in the production of various pharmaceuticals and agrochemicals. Its structure allows for further functionalization, making it valuable in creating complex molecules. Additionally, it is utilized in the development of specialty chemicals, including dyes and pigments, where its reactivity with other compounds is exploited to achieve desired properties. In research, it serves as a building block for synthesizing novel compounds with potential applications in material science and medicinal chemistry.