This compound is primarily utilized in the field of organic synthesis and pharmaceutical research. It serves as a key intermediate in the development of various biologically active molecules, particularly those targeting inflammation and cancer. Its structure allows it to act as a building block for creating complex compounds with potential therapeutic properties. Additionally, it is explored in material science for designing organic electronic materials due to its conjugated aromatic system, which can facilitate electron transport. Researchers also study its derivatives for their potential in fluorescence-based applications, such as sensors or imaging agents.