This chemical is primarily utilized in organic synthesis as a building block for creating more complex molecules. It is often employed in the development of pharmaceuticals, where its structure can be modified to produce compounds with potential therapeutic effects. Additionally, it finds application in material science, particularly in the synthesis of organic electronic materials, where its unique properties contribute to the development of conductive polymers or light-emitting diodes. Its role as an intermediate in the production of dyes and pigments is also notable, as it can be used to create colorants with specific properties for industrial applications.