This compound is primarily utilized in organic synthesis and research, particularly in the development of novel pharmaceutical agents and complex organic molecules. Its unique structure makes it a valuable intermediate in the construction of polycyclic compounds, which are often explored for their potential biological activity. Additionally, it is studied in material science for its potential applications in creating advanced polymers or organic electronic materials due to its conjugated system. Researchers also investigate its reactivity and transformations to develop new synthetic methodologies in organic chemistry.