Used primarily in research and development, this compound serves as a key intermediate in the synthesis of complex organic molecules. It is particularly valuable in the preparation of ligands for coordination chemistry, where it helps form stable complexes with metal ions. These complexes are often investigated for their potential applications in catalysis, material science, and medicinal chemistry. Additionally, it is utilized in the development of fluorescent probes and sensors, owing to its ability to interact with specific analytes and produce detectable signals. Its structural features also make it a candidate for designing novel pharmaceuticals, especially in targeting specific biological pathways.