Used as a key intermediate in the synthesis of functional dyes, particularly for near-infrared (NIR) absorbing dyes applied in optical sensors and imaging devices. Its strong electron-withdrawing nature makes it valuable in organic semiconductors and photovoltaic materials for solar cells. Also employed in the development of nonlinear optical (NLO) materials due to its extended π-conjugation and charge transfer properties. Additionally, it serves as a building block in heterocyclic chemistry for creating biologically active compounds and pharmaceuticals.