Used in organic synthesis, particularly in the development of dyes and pigments due to its ability to form stable, colored complexes. It is also employed in the creation of fluorescent materials, which are utilized in various imaging and sensing applications. Additionally, this compound serves as a key intermediate in the production of pharmaceuticals, especially in the synthesis of compounds with potential anti-inflammatory or anticancer properties. Its unique structure makes it valuable in material science for designing organic electronic devices, such as organic light-emitting diodes (OLEDs) and solar cells.