Primarily utilized in organic synthesis, this compound serves as a key intermediate in the development of various pharmaceuticals. Its structure is particularly valuable in the creation of heterocyclic compounds, which are essential in drug design for targeting specific biological pathways. Additionally, it is employed in the research and production of fluorescent dyes and markers, aiding in biological imaging and diagnostic applications. Its unique chemical properties also make it a candidate for use in material science, particularly in the development of advanced polymers and coatings with specialized functionalities.