Primarily used in organic synthesis, this compound serves as a key intermediate in the production of pharmaceuticals, particularly in the development of drugs targeting neurological disorders. It is also utilized in the synthesis of fragrances and flavoring agents due to its aromatic properties. Additionally, it finds application in the creation of dyes and pigments, contributing to vibrant and stable colors in various industrial products. Its role in chemical research includes serving as a building block for more complex molecules, aiding in the study of reaction mechanisms and material properties.