Used primarily in organic synthesis and material science, this compound serves as a key intermediate in the production of dyes and pigments, contributing to vibrant and stable colors in various industrial applications. It is also employed in the development of advanced materials, such as conductive polymers and organic semiconductors, which are essential in electronic devices like sensors and light-emitting diodes (LEDs). Additionally, its unique structure makes it valuable in pharmaceutical research for designing novel drug candidates, particularly in the field of central nervous system (CNS) disorders. Its applications extend to photodynamic therapy, where it aids in the development of photosensitizers for cancer treatment.