This compound is primarily utilized in organic synthesis as a key intermediate for the preparation of various heterocyclic compounds. It is particularly valuable in the development of pharmaceuticals, where it serves as a building block for synthesizing active pharmaceutical ingredients (APIs) with potential therapeutic applications. Additionally, it finds use in material science for the creation of organic electronic materials, such as semiconductors and light-emitting diodes (LEDs), due to its conjugated structure. Its ability to participate in diverse chemical reactions makes it a versatile reagent in research and industrial processes.