Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure is particularly valuable in the development of indole-based compounds, which are known for their biological activity. Additionally, it finds application in the synthesis of dyes and pigments due to its ability to form complex, stable structures. Researchers also utilize it in the study of fluorescence and photophysical properties, making it useful in materials science for developing sensors and optoelectronic devices.