This chemical is primarily utilized in the synthesis of heterocyclic compounds, which are essential in various pharmaceutical and agrochemical applications. It serves as a key intermediate in the production of biologically active molecules, including potential drugs with antimicrobial, antiviral, and anticancer properties. Additionally, it is employed in the development of corrosion inhibitors, particularly for metals in industrial settings. Its unique structure allows it to act as a chelating agent, making it useful in analytical chemistry for the detection and quantification of metal ions. The compound is also explored in material science for the creation of specialized polymers and coatings with enhanced properties.