Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure allows it to participate in cyclization reactions, making it valuable for creating complex heterocyclic compounds. Additionally, it is employed in the development of dyes and pigments due to its ability to form stable conjugated systems. In material science, it is utilized for synthesizing polymers with specific optical properties, such as those used in organic light-emitting diodes (OLEDs). Its reactivity with nucleophiles also makes it suitable for crafting specialty chemicals in research and industrial applications.