This chemical is primarily utilized in the synthesis of heterocyclic compounds, which are valuable in pharmaceutical and agricultural industries. It serves as a key intermediate in the production of various drugs, particularly those with antimicrobial, antifungal, and antiviral properties. Additionally, it is employed in the development of corrosion inhibitors for industrial applications, helping to protect metals from degradation in harsh environments. Its unique structure also makes it useful in analytical chemistry as a reagent for detecting and quantifying specific metal ions. Furthermore, it finds application in the preparation of dyes and pigments, contributing to the coloration of textiles and other materials.