This compound is primarily utilized in organic synthesis as a versatile building block for the development of various heterocyclic compounds. It serves as a key intermediate in the production of pharmaceuticals, particularly in the synthesis of molecules with potential therapeutic applications, such as anti-inflammatory, anticancer, and antimicrobial agents. Additionally, it is employed in the creation of organic materials, including dyes and fluorescent probes, due to its ability to act as a precursor for complex structures. Its unique structure also makes it valuable in research for studying reaction mechanisms and developing new synthetic methodologies.