Used primarily in the pharmaceutical industry, this compound serves as a key intermediate in the synthesis of various biologically active molecules. It is particularly valuable in the development of drugs targeting central nervous system disorders, such as anxiety and depression, due to its structural compatibility with receptors in the brain. Additionally, it finds application in the creation of agrochemicals, where it contributes to the formulation of pesticides and herbicides, enhancing their efficacy and specificity. Its role in organic synthesis also extends to the production of dyes and pigments, where it helps achieve desired color properties and stability.