Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. It is particularly valuable in the synthesis of benzimidazole derivatives, which are known for their applications in antifungal, antiviral, and anticancer drugs. Additionally, it plays a role in the development of dyes and pigments due to its ability to form complex structures with specific color properties. Its benzyloxy group enhances solubility and reactivity, making it suitable for use in diverse chemical reactions.