Used in the synthesis of various pharmaceutical compounds, particularly in the development of drugs targeting neurological disorders. It serves as a key intermediate in the production of serotonin receptor agonists, which are essential for treating conditions like migraines and depression. Additionally, it is employed in the creation of dyes and pigments, contributing to the coloration of textiles and plastics. Its role in organic synthesis extends to the preparation of heterocyclic compounds, which are valuable in medicinal chemistry and material science.