This compound is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of biologically active molecules. It serves as a building block for developing compounds with potential therapeutic properties, particularly in the design of anti-inflammatory and antimicrobial agents. Its structure is often modified to explore its efficacy in targeting specific enzymes or pathways involved in disease processes. Additionally, it is investigated for its role in creating novel heterocyclic compounds, which are valuable in drug discovery due to their diverse pharmacological activities. Researchers also study its potential in material science for developing organic semiconductors or fluorescent materials.