Primarily used in biochemical research, this compound serves as a precursor in the synthesis of various organic molecules, particularly in the development of dyes and pigments. Its application extends to the field of medicinal chemistry, where it is utilized in the preparation of compounds with potential pharmacological activities. Additionally, it plays a role in the study of enzyme inhibition and receptor binding, aiding in the understanding of biochemical pathways and mechanisms. In material science, it contributes to the creation of advanced materials with specific optical or electronic properties.