Used primarily in organic synthesis as a versatile intermediate for the production of various pharmaceuticals and agrochemicals. It serves as a key building block in the synthesis of heterocyclic compounds, which are crucial in drug development. Additionally, it finds application in the preparation of dyes and pigments due to its ability to form stable complexes with metals. Its reactivity also makes it useful in the development of advanced materials, such as polymers and coatings, where it can enhance properties like durability and stability.