This compound is primarily utilized in the synthesis of various pharmaceutical agents, particularly those targeting inflammation and pain. It serves as a key intermediate in the production of non-steroidal anti-inflammatory drugs (NSAIDs), which are widely used to alleviate symptoms associated with arthritis, muscle pain, and other inflammatory conditions. Additionally, it finds application in the development of dyes and pigments due to its ability to form stable, colored complexes. In research, it is employed as a building block for creating novel organic compounds with potential biological activity, contributing to advancements in medicinal chemistry.