This chemical is primarily utilized in the field of organic synthesis and material science. It serves as a key intermediate in the production of advanced organic compounds, particularly those with potential applications in optoelectronics and photonics. Its unique structure allows it to contribute to the development of novel dyes and pigments, which are used in the manufacturing of high-performance coatings and inks. Additionally, it finds application in the research and development of new pharmaceuticals, where its properties are explored for potential therapeutic benefits. The compound's ability to interact with light and other molecules makes it valuable in studies related to fluorescence and light absorption, aiding in the creation of sensors and diagnostic tools.