This compound is primarily utilized in the field of organic synthesis and pharmaceutical research. It serves as a key intermediate in the development of various biologically active molecules, particularly in the synthesis of compounds with potential therapeutic properties. Its structure is often leveraged in the creation of ligands for receptor studies, aiding in the understanding of biochemical pathways and drug discovery processes. Additionally, it may be employed in the preparation of materials with specific optical or electronic properties, contributing to advancements in material science and technology.