This chemical is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of more complex molecules. Its structure makes it valuable for constructing heterocyclic compounds, which are often found in pharmaceuticals and agrochemicals. Additionally, it can be employed in the development of dyes and pigments due to its ability to form stable, colored derivatives. Researchers also explore its potential in creating novel materials with specific electronic or optical properties, making it a versatile component in advanced material science.