This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of more complex chemical structures. Its unique molecular configuration allows it to act as a building block for the synthesis of various heterocyclic compounds, which are often employed in the development of pharmaceuticals and agrochemicals. Additionally, it finds application in the creation of dyes and pigments due to its ability to form stable, colored complexes. In material science, it is explored for its potential in designing advanced polymers and coatings, leveraging its bifunctional nature to enhance material properties such as durability and resistance to environmental factors.