Primarily utilized in organic synthesis, this compound serves as a key intermediate in the production of various heterocyclic compounds. Its structure is particularly valuable in the development of pharmaceuticals, where it contributes to the creation of molecules with potential therapeutic properties. Additionally, it is employed in the synthesis of dyes and pigments, enhancing color properties in industrial applications. Researchers also explore its use in material science for developing advanced materials with specific electronic or photonic characteristics. Its versatility makes it a significant component in both industrial and academic research settings.