This chemical is primarily utilized in organic synthesis as a versatile building block for the preparation of more complex molecules. It is often employed in the development of pharmaceuticals, particularly in the synthesis of compounds with potential biological activity. Its structure allows it to act as a precursor for the creation of heterocyclic compounds, which are crucial in medicinal chemistry. Additionally, it finds use in the production of dyes and pigments due to its ability to form stable, colored complexes. Researchers also explore its application in material science for the development of novel polymers and coatings with specific functional properties.