This chemical is primarily utilized in research and development, particularly in the field of organic synthesis and material science. Its unique structure makes it a valuable intermediate in the preparation of complex organic compounds, including dyes, pigments, and fluorescent markers. It is also explored for its potential in the development of novel pharmaceuticals, especially in the study of receptor-binding molecules and enzyme inhibitors. Additionally, it finds application in the creation of specialized coatings and polymers, where its properties can enhance durability and performance. Its role in analytical chemistry as a reagent for specific detection and separation processes is also noteworthy.