Used primarily in organic synthesis, this compound serves as an intermediate in the production of various pharmaceuticals and fine chemicals. It is particularly valuable in the development of UV absorbers and stabilizers for polymers, enhancing their durability and resistance to sunlight. Additionally, it finds application in the synthesis of liquid crystal materials, which are crucial for display technologies. Its role in creating specialty chemicals for the cosmetic industry, such as in sunscreens and skin care products, is also noteworthy.