This chemical is primarily utilized in organic synthesis as a versatile intermediate. It is often employed in the preparation of pharmaceuticals, particularly in the development of compounds with potential therapeutic properties. Its structure allows it to participate in various reactions, such as condensation and cyclization, making it valuable in constructing complex molecules. Additionally, it is used in the synthesis of dyes and pigments, contributing to the production of colorants for industrial applications. Its role in polymer chemistry is also notable, where it aids in modifying polymer chains to achieve desired material properties.