Used as a key intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in the development of kinase inhibitors for cancer treatment. Its structure allows for selective functionalization, making it valuable in creating complex heterocyclic compounds. It is also employed in materials science for designing organic semiconductors and luminescent materials due to its rigid aromatic framework and favorable electronic properties. Commonly utilized in Suzuki and other palladium-catalyzed coupling reactions to build biaryl systems in drug discovery and optoelectronic materials.