Used as a key intermediate in the synthesis of agrochemicals and pharmaceuticals, particularly in the development of herbicides and plant growth regulators. Its structure allows for selective functionalization, making it valuable in creating bioactive molecules. It is also employed in coordination chemistry as a ligand for metal complexes with potential catalytic or antimicrobial properties. Additionally, it serves in research for developing novel heterocyclic compounds due to its reactivity in cross-coupling and esterification reactions.