This chemical is primarily used in the field of organic synthesis and materials science. It serves as a key intermediate in the production of fluorescent dyes and pigments, which are widely applied in biological imaging and labeling. Its unique structure allows it to act as a photosensitizer in photodynamic therapy, aiding in the treatment of certain medical conditions. Additionally, it is utilized in the development of organic semiconductors, contributing to advancements in electronic devices such as OLEDs and solar cells. Its properties also make it suitable for use in analytical chemistry as a probe for detecting specific molecules or ions.