This compound is primarily utilized in the synthesis of dyes and pigments due to its quinone structure, which imparts vibrant colors to various materials. It is also employed in organic synthesis as an intermediate for producing pharmaceuticals, particularly in the development of antimalarial and anticancer drugs. Additionally, its redox-active properties make it suitable for use in electrochemical applications, such as in the fabrication of sensors and energy storage devices. In research, it serves as a model compound for studying electron transfer processes and the behavior of quinone derivatives in biological systems.