Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various heterocyclic compounds. Its structure is particularly valuable in the development of fluorescent dyes and sensors, where it acts as a building block due to its ability to enhance photophysical properties. Additionally, it finds application in the pharmaceutical industry for the synthesis of bioactive molecules, including potential drug candidates. Its versatility also extends to material science, where it is utilized in the creation of advanced materials with specific electronic or optical characteristics.