Used primarily in organic synthesis, this compound serves as a key intermediate in the development of various pharmaceuticals and agrochemicals. Its structure allows for the creation of complex molecules, particularly in the synthesis of heterocyclic compounds, which are crucial in drug discovery. Additionally, it is employed in the production of dyes and pigments, contributing to the vibrant colors in textiles and coatings. Its reactivity with other organic compounds makes it valuable in research for developing new materials with specific properties.