Used as a key intermediate in the synthesis of pharmaceuticals and biologically active compounds, particularly in the development of kinase inhibitors and anti-inflammatory agents. Its structure supports conjugation in organic semiconductors, making it useful in materials science for optoelectronic devices. Also employed in the preparation of fluorescent dyes and sensors due to its favorable photophysical properties. Commonly utilized in research settings for building complex heterocyclic systems through condensation and cyclization reactions.