This chemical is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of various pharmaceutical compounds. Its structure makes it valuable for developing drugs that target neurological disorders, particularly those involving the central nervous system. Additionally, it is employed in the creation of dyes and pigments due to its ability to form stable, colored complexes. In research, it is often used to study reaction mechanisms and to develop new synthetic pathways for complex organic molecules. Its versatility and reactivity make it a useful component in both industrial and academic chemical applications.