This chemical is widely used in the production of dyes and pigments, particularly in the textile industry, where it contributes to vibrant and long-lasting colors. It is also a key intermediate in the synthesis of photochromic compounds, which are utilized in lenses and optical materials that change color in response to light. Additionally, it plays a role in organic synthesis for creating complex molecules in pharmaceuticals and agrochemicals. Its stability and reactivity make it valuable in research and industrial applications for developing advanced materials.