Used primarily in organic synthesis, this compound serves as a key intermediate for the preparation of complex molecules, particularly in the development of pharmaceuticals and agrochemicals. Its structure allows it to act as a building block in the creation of Schiff bases, which are valuable in designing ligands for metal coordination and catalysis. Additionally, it finds application in the synthesis of fluorescent dyes and sensors due to its ability to form stable, conjugated systems. The compound is also utilized in material science for the development of polymers and resins with specific optical or mechanical properties. Its reactivity and functional groups make it a versatile reagent in various chemical transformations.