This chemical is primarily utilized in the field of organic synthesis as a versatile intermediate. It is particularly valuable in the preparation of heterocyclic compounds, which are essential in the development of pharmaceuticals and agrochemicals. Its unique structure allows it to participate in various cyclization and condensation reactions, making it a key component in the synthesis of complex molecules. Additionally, it is employed in the production of dyes and pigments due to its ability to form stable, colored compounds. In material science, it is explored for its potential in creating advanced polymers and coatings with specific electronic or optical properties. Its reactivity and functional groups make it a useful building block in research and industrial applications.