This compound is primarily utilized in the field of medicinal chemistry, where it serves as a key intermediate in the synthesis of various biologically active molecules. Its unique structure makes it valuable for developing compounds with potential therapeutic applications, particularly in the design of drugs targeting central nervous system disorders. Researchers explore its derivatives for their pharmacological properties, including anti-inflammatory, antimicrobial, and anticancer activities. Additionally, it is studied for its role in creating novel heterocyclic compounds, which are essential in drug discovery and development processes. Its application extends to material science, where it is investigated for use in organic electronics due to its conjugated system and stability.