This chemical is primarily used as a reagent in organic synthesis, particularly in the formation of pyrylium salts, which are valuable intermediates in the production of various organic compounds. It is employed in the synthesis of dyes, pigments, and fluorescent markers due to its ability to form stable aromatic structures. Additionally, it is utilized in the preparation of heterocyclic compounds, which have applications in pharmaceuticals and agrochemicals. Its role as a catalyst or promoter in certain chemical reactions also makes it useful in research and industrial processes aimed at developing new materials and chemical entities.