This chemical is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of various photochromic materials. These materials are essential in the development of light-sensitive lenses, such as those used in eyeglasses that automatically adjust their tint based on sunlight exposure. Additionally, it plays a role in the creation of advanced dyes and pigments, which are applied in industries ranging from textiles to printing. Its unique structure also makes it a valuable component in research focused on developing new organic compounds with potential applications in electronics and photonics.