This compound is primarily utilized in organic synthesis as a building block for more complex molecules. It serves as a key intermediate in the production of pharmaceuticals, particularly in the development of drugs targeting neurological disorders and anti-inflammatory agents. Additionally, it is employed in the synthesis of heterocyclic compounds, which are important in agrochemicals for crop protection. Its role in material science includes the development of organic semiconductors and dyes, contributing to advancements in electronics and photovoltaics. The compound's unique structure also makes it valuable in research for studying reaction mechanisms and developing novel synthetic pathways.