Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and fine chemicals. Its structure is particularly valuable in the development of complex molecules, often utilized in the synthesis of active pharmaceutical ingredients (APIs) for therapeutic applications. Additionally, it finds use in the preparation of dyes and pigments, contributing to the colorant industry. Its functional groups enable it to participate in diverse chemical reactions, making it a versatile building block in research and industrial processes.