Used in organic synthesis as a key intermediate for the development of pharmaceuticals, particularly in the creation of compounds with potential antitumor, antimicrobial, and anti-inflammatory properties. It is also employed in the design of fluorescent probes and sensors due to its ability to form stable complexes with metal ions, making it valuable in analytical chemistry. Additionally, it serves as a building block in the synthesis of heterocyclic compounds, which are essential in agrochemicals and material science for developing advanced polymers and coatings.