Used primarily in organic synthesis, it serves as a key intermediate in the production of various pharmaceuticals, particularly in the development of antipyretic and analgesic drugs. It is also employed in the synthesis of heterocyclic compounds, which are valuable in medicinal chemistry for creating bioactive molecules. Additionally, it finds application in research as a reagent for studying chemical reactions and developing novel compounds with potential therapeutic properties. Its role in synthesizing dyes and pigments further extends its utility in industrial applications.