This compound is primarily utilized in the field of medicinal chemistry and pharmaceutical research. It serves as a key intermediate in the synthesis of various biologically active molecules, particularly those targeting enzyme inhibition and receptor modulation. Its structure is often explored for developing potential therapeutic agents, including anti-inflammatory, anticancer, and antimicrobial drugs. Additionally, it is investigated for its photophysical properties, making it relevant in the development of fluorescent probes and sensors for biological imaging and diagnostic applications. Researchers also study its derivatives for their potential in material science, particularly in the design of organic semiconductors and optoelectronic devices.