This chemical is primarily utilized in organic synthesis as a key intermediate for the production of various pharmaceuticals and agrochemicals. Its structure allows it to participate in reactions that form complex molecules, particularly in the synthesis of heterocyclic compounds. It is also employed in the development of dyes and pigments due to its ability to form stable, colored complexes. Additionally, it finds use in research laboratories for studying reaction mechanisms and developing new synthetic pathways. Its application in photochemistry is notable, as it can act as a photosensitizer in certain light-induced reactions.