This compound is primarily utilized in organic synthesis and material science due to its unique chemical structure. It serves as a key intermediate in the production of various heterocyclic compounds, which are essential in the development of pharmaceuticals and agrochemicals. Its ability to act as a precursor in the synthesis of indole derivatives makes it valuable in drug discovery, particularly for compounds with potential anticancer, antiviral, and anti-inflammatory properties. Additionally, it is employed in the fabrication of organic electronic materials, where its conjugated system contributes to the development of optoelectronic devices such as organic light-emitting diodes (OLEDs) and sensors. Its reactivity with various nucleophiles also makes it useful in the creation of novel polymers and dyes.