Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals, particularly in the development of antiviral and anticancer agents. Its structure allows it to participate in cyclization and condensation reactions, making it valuable for constructing complex heterocyclic compounds. Additionally, it is employed in the synthesis of dyes and pigments due to its ability to form conjugated systems. In agrochemical research, it is utilized to create novel pesticides and herbicides. Its reactivity with nucleophiles also makes it useful in polymer chemistry for modifying material properties.