Primarily utilized in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. It is particularly valued for its role in the synthesis of heterocyclic compounds, which are essential in developing drugs with antimicrobial, anti-inflammatory, and anticancer properties. Additionally, it is employed in the creation of dyes and pigments, contributing to the vibrant coloration in industrial applications. Its versatility also extends to research settings, where it is used as a building block for complex chemical structures in medicinal chemistry and material science studies.