Used primarily in organic synthesis, this compound serves as a key intermediate in the development of fluorescent dyes and sensors. Its structure is particularly valuable in creating materials for optoelectronic devices, such as organic light-emitting diodes (OLEDs) and photovoltaic cells. Additionally, it is employed in the synthesis of biologically active molecules, contributing to research in medicinal chemistry. Its unique properties also make it useful in the study of photophysical processes and as a building block for more complex chemical entities.