Used in the synthesis of pharmaceutical intermediates, particularly in the development of anti-inflammatory and antidiabetic agents. Its structure supports conjugation in organic semiconductors, making it useful in materials science for optoelectronic devices. Due to its extended conjugated system, it is also employed in the development of fluorescent probes for laboratory assays and detection. Additionally, it serves as a building block in Suzuki and Heck coupling reactions to create complex biaryl compounds for drug discovery.