Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various dyes and pigments, particularly those with applications in textiles and imaging technologies. Its structure allows it to participate in condensation reactions, making it valuable for creating complex organic molecules. Additionally, it is employed in the development of fluorescent probes and sensors, leveraging its electron-donating properties for detection purposes in analytical chemistry. In pharmaceuticals, it acts as a building block for synthesizing compounds with potential biological activity, particularly in the design of drugs targeting neurological and oncological conditions. Its role in photochemical applications is also notable, contributing to studies in light-induced reactions and material science.