Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure is particularly valuable in the development of heterocyclic compounds, which are essential in drug design due to their biological activity. Additionally, it plays a role in the synthesis of dyes and fluorescent markers, contributing to advancements in imaging and diagnostic technologies. Its application in material science also includes the creation of specialized polymers and coatings with enhanced properties.