Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure is particularly valuable in the development of heterocyclic compounds, which are essential in drug discovery. Additionally, it finds application in the study of fluorescent materials due to its unique photophysical properties, making it useful in the design of sensors and imaging agents. Researchers also explore its potential in material science for creating advanced polymers and coatings with specific functionalities.