This compound is primarily utilized in organic synthesis as a building block for creating more complex molecules. Its structure makes it a valuable intermediate in the production of pharmaceuticals, particularly in the development of active pharmaceutical ingredients (APIs) that target specific biological pathways. Additionally, it finds application in the synthesis of dyes and pigments, where its reactive sites allow for the formation of colorants with desired properties. In material science, it is used to modify polymers, enhancing their thermal stability and mechanical properties. Its versatility in chemical reactions also makes it a useful reagent in academic and industrial research for exploring new synthetic routes and developing innovative compounds.