This chemical is primarily utilized in organic synthesis as a key intermediate for the production of various pharmaceuticals and agrochemicals. Its structure allows it to serve as a building block in the development of compounds with potential biological activity. It is often employed in the synthesis of heterocyclic compounds, which are crucial in drug discovery and development. Additionally, it can be used in the preparation of dyes, pigments, and other specialty chemicals due to its reactive functional groups. Its application in research and development highlights its importance in advancing chemical and medicinal innovations.