Used in organic synthesis, it serves as a key intermediate for creating various heterocyclic compounds. Its structure is valuable in developing pharmaceuticals, particularly for anti-inflammatory and antimicrobial agents. Additionally, it is employed in the production of dyes and pigments due to its ability to form stable, colored complexes. Researchers also utilize it in the study of fluorescence properties for potential applications in sensors and imaging technologies. Its versatility makes it a crucial component in medicinal chemistry and material science.