Primarily utilized in organic synthesis, this compound serves as a key intermediate in the development of phosphorescent materials. Its unique structure allows it to be incorporated into organic light-emitting diodes (OLEDs), enhancing their efficiency and color purity. Additionally, it is employed in the creation of advanced polymers and coatings that require specific optical properties. The compound's ability to act as a ligand in coordination chemistry also makes it valuable in the synthesis of metal complexes used in catalysis and material science. Its applications extend to the pharmaceutical industry, where it is explored for potential use in drug development due to its bioactive properties.