This compound is primarily utilized in the field of organic synthesis, where it serves as a versatile intermediate for the development of various pharmaceuticals and agrochemicals. Its structure is particularly valuable in the creation of heterocyclic compounds, which are essential in drug discovery due to their diverse biological activities. Additionally, it finds application in the synthesis of dyes and pigments, contributing to the production of colorants for industrial and commercial use. Its role in coordination chemistry is also notable, as it can act as a ligand to form complexes with metal ions, which are studied for catalytic and material science applications.