Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. It is particularly valuable in the development of anticoagulant agents, where its structural framework is utilized to create effective blood-thinning medications. Additionally, it finds application in the synthesis of fluorescent dyes and pigments, contributing to advancements in imaging and diagnostic technologies. Its role in the preparation of complex organic molecules also extends to research and development in material science, where it aids in the creation of novel compounds with specific properties.