Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals, particularly those targeting antimicrobial and anti-inflammatory properties. It is also utilized in the development of dyes and pigments due to its ability to form stable complexes with metals. Additionally, it plays a role in the synthesis of heterocyclic compounds, which are important in agrochemicals for crop protection. Its versatility in chemical reactions makes it valuable in research and industrial applications.