This chemical is primarily utilized in organic synthesis as a versatile intermediate. It serves as a key building block in the preparation of various heterocyclic compounds, which are essential in the development of pharmaceuticals and agrochemicals. Its structure allows it to participate in cyclization and condensation reactions, making it valuable for constructing complex molecular frameworks. Additionally, it is employed in the synthesis of dyes and pigments due to its ability to form stable, colored derivatives. Researchers also explore its potential in material science for creating novel polymers with specific optical or electronic properties.