This compound is primarily utilized in the field of organic synthesis and material science due to its unique chemical structure. It serves as a key intermediate in the production of various organic compounds, including pharmaceuticals and dyes. Its conjugated system makes it valuable in the development of organic light-emitting diodes (OLEDs) and other optoelectronic devices. Additionally, it is investigated for its potential antioxidant properties, which could be beneficial in cosmetic and skincare formulations. Researchers also explore its role in inhibiting certain enzymes, making it a candidate for therapeutic applications in diseases like cancer and inflammation.