Used as a key intermediate in organic synthesis, particularly in the preparation of conjugated compounds and heterocyclic systems. Its α-diketone functionality allows for cyclization reactions, making it valuable in constructing aromatic and fused ring structures. Commonly employed in the development of pharmaceuticals, agrochemicals, and functional materials due to its ability to undergo condensation, reduction, and nucleophilic addition reactions. Also utilized in the synthesis of ligands for metal complexes and in materials science for designing optoelectronically active molecules.