This compound is primarily utilized in organic synthesis as a building block for creating more complex molecules. It is often employed in the development of fluorescent dyes and pigments due to its conjugated system, which can enhance light absorption and emission properties. Additionally, it serves as a precursor in the synthesis of pharmaceutical intermediates, particularly in the production of compounds with potential anti-inflammatory or anticancer activities. Its structure allows for easy modification, making it valuable in polymer chemistry for creating functional materials with specific optical or electronic characteristics.