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 bioactive molecules, particularly those with potential therapeutic properties. Its structure is often explored for designing inhibitors or modulators of specific enzymes or receptors, contributing to drug discovery efforts. Additionally, it is studied for its fluorescence properties, making it useful in the development of fluorescent probes for biological imaging and sensing applications. Researchers also investigate its potential antioxidant and anti-inflammatory activities, which could lead to applications in treating oxidative stress-related diseases.