Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of antiviral and antibacterial agents. Its structure allows for easy functionalization, making it valuable in medicinal chemistry for building active pharmaceutical ingredients. It is also employed in the preparation of agrochemicals, including herbicides and plant growth regulators, due to its reactivity and ability to form stable derivatives. Additionally, it serves in the synthesis of dyes and fluorescent compounds used in imaging and sensor technologies.