Used primarily as an intermediate in organic synthesis, this compound plays a crucial role in the production of various chemicals, including dyes and pigments. Its structure allows it to participate in reactions that form complex organic molecules, making it valuable in research and industrial applications. Additionally, it can be utilized in the development of photoactive materials, which are essential in creating light-sensitive compounds for imaging and printing technologies. Its stability and reactivity also make it suitable for use in polymer chemistry, where it can help modify or enhance the properties of synthetic materials.