This compound is primarily utilized in organic synthesis as a key intermediate for the development of more complex molecules. It is often employed in the pharmaceutical industry for the synthesis of bioactive compounds, particularly those targeting neurological and cardiovascular disorders. Its structure allows for modifications that can enhance drug efficacy and selectivity. Additionally, it finds application in the synthesis of agrochemicals, where it serves as a building block for creating pesticides and herbicides with improved activity and environmental safety. Researchers also explore its potential in materials science, particularly in the development of organic semiconductors and light-emitting diodes (OLEDs) due to its conjugated system.