Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure is particularly valuable in the development of indole-based compounds, which are known for their biological activity. Additionally, it is utilized in research settings to study enzyme inhibition and receptor binding, aiding in the discovery of new therapeutic agents. In material science, it contributes to the synthesis of dyes and pigments due to its ability to form stable, colored complexes.