This compound is primarily utilized in the field of organic synthesis, particularly as a building block for the development of more complex chemical structures. It is often employed in the creation of pharmaceutical intermediates, where its unique structure allows for the introduction of both aromatic and alkyne functionalities. This makes it valuable in the synthesis of compounds with potential biological activity, such as inhibitors or receptor ligands. Additionally, it is used in materials science for the development of organic electronic materials, where its conjugated system can contribute to the desired electronic properties. Its application in cross-coupling reactions is also notable, enabling the formation of carbon-carbon bonds in advanced synthetic pathways.