Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the production of non-steroidal anti-inflammatory drugs (NSAIDs) and COX-2 inhibitors. It also serves in the development of agrochemicals, including herbicides and fungicides, due to its ability to enhance bioactivity. Its structure is valuable in forming coordination complexes with metal ions, making it useful in catalysis and material science. Additionally, it finds application in the preparation of dyes and functional polymers.