Used primarily in organic synthesis, this compound serves as an intermediate in the production of dyes and pigments, contributing to vibrant and stable colorants for textiles and plastics. It is also employed in the development of pharmaceuticals, particularly in the synthesis of compounds with potential anti-inflammatory and anticancer properties. Additionally, it finds application in research laboratories for studying chemical reactions and mechanisms, aiding in the advancement of organic chemistry. Its unique structure makes it valuable in the creation of complex molecules for various industrial and scientific purposes.