This compound is primarily utilized in organic synthesis as a key intermediate in the production of various organic molecules. It serves as a precursor in the synthesis of heterocyclic compounds, which are important in the development of pharmaceuticals and agrochemicals. Additionally, it is used in the preparation of dyes and pigments due to its ability to form stable, colored complexes. In research, it is often employed in studies involving photochemical reactions and as a building block for more complex chemical structures. Its role in the synthesis of advanced materials, such as polymers and liquid crystals, is also noteworthy, making it valuable in material science applications.