This chemical is primarily utilized in organic synthesis as a key intermediate for the development of more complex molecules. Its structure allows it to participate in various cycloaddition reactions, making it valuable in the synthesis of heterocyclic compounds, which are often found in pharmaceuticals and agrochemicals. Additionally, it can be used in the preparation of dyes and pigments due to its ability to form stable, colored complexes. Researchers also explore its potential in material science, particularly in the design of organic semiconductors and photoresponsive materials, owing to its unique electronic properties.