Used primarily in organic synthesis, this compound serves as a key intermediate in the production of pharmaceuticals and agrochemicals. Its structure allows it to participate in various chemical reactions, making it valuable for creating complex molecules. Additionally, it is employed in the development of dyes and pigments due to its ability to form stable conjugated systems. In research, it is utilized to study reaction mechanisms and develop new synthetic pathways. Its versatility and reactivity make it a useful component in industrial and laboratory settings.