Used as a key intermediate in the synthesis of pharmaceuticals and agrochemicals due to its unique heterocyclic structure. Its hydroxyl and phenyl groups enable functionalization for building bioactive molecules. Commonly employed in the development of kinase inhibitors and anti-inflammatory agents. Also finds use in materials science as a ligand in catalytic systems, enhancing metal complex stability and reactivity. Shows potential in organic electronics because of its rigid, conjugated framework that supports electron delocalization.