Used as a key intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in the development of nitrogen-containing heterocyclic compounds. Its reactive hydroxyl and vinyl groups enable coupling reactions and coordination with metal ions, making it valuable in catalysis and the preparation of ligands for transition metal complexes. Also employed in the production of fluorescent probes and sensors due to its ability to chelate metals and enhance photophysical properties. Its structural features support use in research for developing new bioactive molecules and functional materials.