Used primarily as an intermediate in the synthesis of pharmaceuticals and agrochemicals, it plays a key role in the development of compounds with potential therapeutic and pesticidal properties. Its structure allows for further functionalization, making it valuable in creating diverse chemical libraries for drug discovery. Additionally, it is utilized in the production of dyes and pigments due to its ability to form stable and vibrant colorants. Its application in organic synthesis is significant, particularly in constructing complex molecules for research and industrial purposes.