This compound is primarily utilized in the synthesis of various pharmaceutical agents, particularly those targeting central nervous system disorders. It serves as a key intermediate in the production of serotonin receptor modulators, which are crucial for treating conditions like depression, anxiety, and migraines. Additionally, it is employed in the development of dyes and pigments due to its ability to form stable, colored complexes. In organic chemistry research, it acts as a building block for constructing more complex molecules, aiding in the exploration of new chemical reactions and pathways. Its applications also extend to material science, where it contributes to the creation of advanced polymers and coatings with enhanced properties.