This chemical is primarily utilized in the synthesis of organic compounds, particularly in the development of pharmaceuticals and fine chemicals. It serves as a key intermediate in the production of various heterocyclic compounds, which are essential in medicinal chemistry for creating drugs with antibacterial, antifungal, and anti-inflammatory properties. Additionally, it is employed in the preparation of dyes and pigments due to its ability to form stable and vibrant colorants. Its structural properties make it valuable in research and industrial applications where precise chemical modifications are required.