This chemical is primarily utilized in the synthesis of various organic compounds, particularly in the development of pharmaceuticals and agrochemicals. Its structure makes it a valuable intermediate in the creation of heterocyclic compounds, which are often key components in drug molecules. It is also employed in research for designing and testing new chemical entities with potential biological activity. Additionally, it can be used in the production of dyes and pigments due to its ability to form stable, colorful complexes. In material science, it serves as a building block for advanced polymers and coatings, contributing to the development of innovative materials with specific properties.