This chemical is primarily utilized in organic synthesis as an intermediate for the production of more complex molecules. It is often employed in the development of pharmaceuticals, particularly in the synthesis of compounds with potential therapeutic properties. Additionally, it finds application in material science, where it is used in the creation of specialized polymers and coatings that require specific optical or electronic properties. Its unique structure allows it to act as a building block in the synthesis of dyes and pigments, contributing to the coloration of various industrial products. In research, it serves as a key reagent in studies involving photochemistry and the development of novel organic reactions.