This compound is primarily utilized in the synthesis of various organic molecules, particularly in the development of pharmaceuticals and agrochemicals. Its structure serves as a key intermediate in the production of compounds with potential biological activity, such as anti-inflammatory, antimicrobial, and anticancer agents. Additionally, it is employed in the creation of dyes and pigments due to its ability to form stable, colored complexes. In material science, it is explored for its role in modifying polymers to enhance their properties, such as thermal stability and mechanical strength. Its versatility in chemical reactions makes it a valuable component in research and industrial applications.