Used primarily in pharmaceutical research and development, it serves as a key intermediate in the synthesis of various bioactive compounds. Its derivatives are explored for their potential in creating antimicrobial, antiviral, and anticancer agents. Additionally, it plays a role in the production of dyes and organic materials due to its structural properties. In industrial applications, it contributes to the development of corrosion inhibitors and stabilizers for polymers. Its versatility makes it valuable in both medical and material science fields.