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 is particularly valuable in the development of drugs that target specific biological pathways, such as anti-inflammatory and anticancer agents. 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 as a building block for more complex molecules, aiding in the study of chemical reactions and material properties. Its applications extend to the development of advanced materials, where it contributes to the synthesis of polymers with unique optical and electronic characteristics.