Primarily used in the synthesis of dyes and pigments, this compound is valued for its ability to produce vibrant colors in textile and industrial applications. It serves as an intermediate in the production of anthraquinone-based dyes, which are known for their stability and resistance to fading. Additionally, it is utilized in organic synthesis for creating complex molecules in pharmaceutical research. Its unique structure also makes it a candidate for studies in photochemistry and material science, particularly in the development of light-sensitive materials.