This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate for the development of various heterocyclic compounds. Its structure is particularly valuable in the synthesis of pharmaceuticals, especially those targeting neurological and anti-inflammatory pathways. Additionally, it is employed in the production of dyes and pigments due to its ability to form stable, colored complexes. In material science, it is explored for its potential in creating advanced polymers and coatings with specific optical or electronic properties. Its versatility makes it a useful building block in research and industrial applications.