This chemical is primarily used in organic synthesis as a key intermediate in the production of various pharmaceuticals and agrochemicals. It serves as a building block for creating complex molecules due to its reactive diketone structure, which allows for versatile chemical transformations. Additionally, it is utilized in the development of dyes and pigments, where its conjugated system contributes to color properties. In research, it is often employed in studies related to redox reactions and as a model compound for understanding reaction mechanisms in organic chemistry. Its stability and reactivity make it a valuable component in the synthesis of specialty chemicals.