This chemical is primarily utilized in the synthesis of various organic compounds, particularly in the development of pharmaceuticals and agrochemicals. Its unique structure allows it to act as a key intermediate in the production of heterocyclic compounds, which are essential in creating active ingredients for drugs targeting a range of diseases. Additionally, it is employed in the preparation of dyes and pigments due to its ability to form stable, colored complexes. In research settings, it serves as a building block for the development of novel materials with potential applications in electronics and photochemistry. Its reactivity and versatility make it a valuable component in advancing chemical innovation across multiple industries.