Used primarily in organic synthesis, this compound serves as a key intermediate in the production of pharmaceuticals and agrochemicals. Its structure allows it to participate in cyclization reactions, making it valuable for constructing heterocyclic compounds, which are often found in drugs and pesticides. Additionally, it is utilized in the development of dyes and pigments due to its ability to form stable complexes with various substrates. Its reactivity with amines and other nucleophiles also makes it suitable for creating specialized polymers and coatings.