Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various dyes and pigments, particularly those with high thermal stability and lightfastness. It is also employed in the development of organic semiconductors due to its electron-accepting properties, making it valuable in the fabrication of electronic devices like organic field-effect transistors (OFETs) and photovoltaic cells. Additionally, it finds application in the synthesis of pharmaceuticals, where its structure is utilized to create biologically active molecules. Its reactivity with nucleophiles makes it a useful reagent in cyclization and condensation reactions, contributing to the construction of complex organic frameworks.