Used primarily in organic synthesis, it serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure is particularly valuable in the development of compounds with potential biological activity, such as anti-inflammatory and anticancer agents. Additionally, it is employed in the synthesis of fluorescent dyes and probes, which are useful in biochemical research and diagnostics. The compound’s unique properties also make it suitable for use in material science, particularly in the creation of advanced polymers and coatings.