This chemical is primarily utilized in organic synthesis as a key intermediate for the production of various heterocyclic compounds. Its structure makes it valuable in the development of pharmaceuticals, particularly in the synthesis of compounds with potential therapeutic properties, such as anti-inflammatory, antimicrobial, and anticancer agents. Additionally, it serves as a building block in the creation of organic materials, including dyes and pigments, due to its ability to form complex aromatic systems. Its reactivity with other organic molecules also makes it useful in research and industrial applications for designing novel chemical entities with specific functionalities.