This chemical is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of various dyes and pigments. Its unique structure makes it particularly valuable in the development of colorants used in textiles, inks, and plastics. Additionally, it finds application in the synthesis of fluorescent compounds, which are employed in biological imaging and diagnostic applications. Its role in the creation of photochromic materials is also noteworthy, contributing to the development of lenses and coatings that adapt to changing light conditions.