Used primarily in organic synthesis and materials science, this compound serves as a building block for the development of fluorescent dyes and optoelectronic materials. Its rigid polycyclic structure contributes to its photophysical properties, making it suitable for research in luminescent sensors and organic light-emitting diodes (OLEDs). It is also investigated for its potential in pharmaceutical research due to structural similarities with bioactive molecules, particularly in studies exploring anticancer and antimicrobial agents. Additionally, it acts as an intermediate in the synthesis of more complex heterocyclic systems used in advanced material applications.