Used primarily in organic synthesis, it serves as a key intermediate in the production of pharmaceuticals and agrochemicals. Its structure is valuable in creating compounds with potential therapeutic effects, such as anti-inflammatory and antimicrobial agents. Additionally, it is utilized in the development of fluorescent dyes and sensors due to its unique optical properties. In material science, it contributes to the synthesis of polymers and advanced materials with specific electronic or mechanical characteristics. Its versatility makes it a crucial component in research and industrial applications.