This chemical is primarily utilized as a key intermediate in the synthesis of organic compounds, particularly in the development of dyes and pigments. Its structure allows it to act as a precursor in the creation of colorants for various industrial applications, including textiles, inks, and coatings. Additionally, it is employed in research and development for designing advanced materials with specific optical properties, such as fluorescence or photochromism. Its role in organic synthesis also extends to the production of specialized polymers and functional materials, where its unique chemical framework contributes to desired properties like stability and reactivity.