This chemical is primarily utilized in the synthesis of various heterocyclic compounds, which are essential in the development of pharmaceuticals and agrochemicals. It serves as a key intermediate in the production of dyes and pigments, particularly those used in textile and printing industries. Additionally, it finds application in the creation of organic light-emitting diodes (OLEDs) and other electronic materials due to its unique structural properties. Its role in medicinal chemistry is significant, as it is often employed in the design and synthesis of bioactive molecules, including potential therapeutic agents for treating various diseases.