This chemical is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure allows it to act as a building block for compounds that exhibit biological activity, particularly in the development of drugs targeting neurological and psychiatric disorders. Additionally, it is employed in the creation of dyes and pigments due to its ability to form stable, colored complexes. In research, it is often used to study reaction mechanisms and to develop new synthetic pathways for complex organic molecules. Its versatility and reactivity make it a valuable component in both industrial and academic settings.