This chemical is primarily utilized in the synthesis of organic compounds, particularly in the development of pharmaceuticals and agrochemicals. It serves as a key intermediate in the production of various active ingredients, including those used in medications targeting neurological disorders and cardiovascular diseases. Additionally, it is employed in the creation of dyes and pigments due to its structural properties, which allow for the formation of stable and vibrant colorants. Its application extends to research and development, where it is used to study chemical reactions and develop new materials with specific functionalities.