This compound is primarily used in organic synthesis as a key intermediate for the production of various pharmaceuticals and fine chemicals. It plays a significant role in the synthesis of heterocyclic compounds, which are essential in developing drugs with therapeutic properties. Additionally, it is utilized in the preparation of UV absorbers and photoactive materials, making it valuable in industries focused on coatings and polymers. Its reactivity and structure also make it suitable for research applications in developing new chemical reactions and methodologies.