Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of antiviral and antibacterial agents. Its structure allows for easy functionalization, making it valuable in creating active ingredients in medicinal chemistry. Also employed in the preparation of agrochemicals, including herbicides and plant growth regulators, due to its ability to enhance bioactivity. Additionally, it serves as a building block in the production of dyes and fluorescent compounds used in sensors and imaging technologies. Its chelating properties enable use in catalyst systems for organic transformations.