Used primarily in organic synthesis, this compound serves as a key intermediate in the production of dyes and pigments, particularly those with high thermal stability and lightfastness. It is also employed in the development of fluorescent markers for biological imaging, leveraging its unique photophysical properties. Additionally, it finds application in the synthesis of pharmaceuticals, where it acts as a building block for compounds with potential therapeutic effects. Its bromine and hydroxyl groups make it a versatile reagent in cross-coupling reactions, facilitating the creation of complex organic molecules.