Used in the synthesis of various pharmaceuticals, particularly in the development of compounds targeting neurological disorders. It serves as a key intermediate in the production of serotonin receptor agonists and antagonists, which are crucial for treating conditions like depression, anxiety, and migraines. Additionally, it is employed in the creation of dyes and pigments, especially for textiles and plastics, due to its ability to form stable and vibrant colors. In research, it is utilized in organic synthesis to explore new chemical reactions and pathways, contributing to advancements in medicinal chemistry and material science.