Used as a key intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in the development of ligands for transition metal catalysts. Its structure supports chelation with metals, making it valuable in catalytic systems for cross-coupling reactions. Also employed in the preparation of fluorescent dyes and sensors due to its ability to form complexes with metal ions, enhancing detectability in analytical applications. Additionally, it serves as a building block in the creation of functional materials, including organic semiconductors and photoresponsive compounds.