This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its unique structure allows it to participate in reactions that form complex molecules, particularly those with potential biological activity. Additionally, it is employed in the development of dyes and pigments due to its ability to modify color properties. Researchers also explore its use in material science for creating specialized polymers and coatings with enhanced durability and functionality.