This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of various pharmaceutical agents. Its structure is particularly valuable in the development of compounds with potential therapeutic properties, such as anti-inflammatory and anticancer activities. Additionally, it is employed in the synthesis of complex organic molecules, including dyes and pigments, due to its ability to introduce specific functional groups into target molecules. Researchers also explore its use in material science for creating advanced polymers and coatings with enhanced properties.