This chemical is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of various heterocyclic compounds. Its structure makes it valuable for developing fluorescent dyes and pigments, which are employed in imaging and sensor technologies. Additionally, it is explored in pharmaceutical research for its potential use in creating bioactive molecules, particularly those targeting specific enzymes or receptors. Its application extends to material science, where it contributes to the design of organic semiconductors and optoelectronic materials.