Used in organic synthesis as a building block for more complex molecules, particularly in the development of pharmaceuticals and agrochemicals. It serves as an intermediate in the production of compounds with potential biological activity, such as anti-inflammatory or anticancer agents. Its structure allows for modifications that can enhance drug efficacy or target specific pathways. Additionally, it is employed in research for studying fluorescence properties and developing fluorescent probes or markers in biochemical assays. Its versatility makes it valuable in material science for creating advanced polymers or coatings with unique properties.