Used primarily in the synthesis of organic compounds, it serves as an intermediate in the production of specialty chemicals. It is also employed in the development of liquid crystals, which are crucial for display technologies like LCDs. Additionally, it finds application in the creation of dyes and pigments, enhancing color stability and performance. In the pharmaceutical industry, it acts as a building block for drug molecules, contributing to the development of therapeutic agents. Its role in research and development is significant, particularly in the study of chemical reactions and material science.