Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure is particularly valuable in the development of heterocyclic compounds, which are essential in creating drugs with antibacterial, antifungal, and anti-inflammatory properties. Additionally, it is utilized in the synthesis of dyes and pigments, contributing to the coloration of textiles and other materials. Its reactivity and versatility make it a valuable component in research and industrial applications.