Used in organic synthesis as a building block for more complex molecules, particularly in the development of pharmaceuticals and agrochemicals. It serves as an intermediate in the production of heterocyclic compounds, which are essential in drug discovery. Additionally, it is utilized in the synthesis of dyes and pigments due to its ability to form stable, colored compounds. Its role in coordination chemistry is notable, as it can act as a ligand for metal complexes, aiding in catalysis and material science applications.