This compound is primarily used in the synthesis of various pharmaceuticals and agrochemicals. It serves as a key intermediate in the production of heterocyclic compounds, which are often incorporated into drugs targeting specific diseases. Additionally, it is utilized in the development of dyes and pigments due to its ability to form stable aromatic structures. Its role in organic synthesis is significant, particularly in reactions involving hydrazine derivatives, where it contributes to the formation of complex molecules with potential biological activity.