Primarily utilized in the field of organic synthesis, this compound serves as a key intermediate in the development of various pharmaceuticals and agrochemicals. Its structure is particularly valuable in the synthesis of heterocyclic compounds, which are essential in creating active ingredients for medications targeting inflammation and microbial infections. Additionally, it plays a role in the production of advanced materials, such as liquid crystals and polymers, due to its ability to impart specific electronic and optical properties. Its application in research and development also extends to the study of reaction mechanisms and the exploration of novel chemical pathways.