This chemical is primarily utilized as a versatile intermediate in organic synthesis, particularly in the production of pharmaceuticals and agrochemicals. Its structure makes it valuable for constructing complex molecules, often serving as a building block in the development of biologically active compounds. Additionally, it is employed in the synthesis of corrosion inhibitors, where it helps protect metals from degradation in various industrial applications. Its unique properties also make it useful in the creation of dyes and pigments, contributing to the coloration and stability of materials.