Used as an intermediate in the synthesis of dyes and pigments, particularly for producing naphthoquinone-based colorants. Employed in the preparation of certain antifungal and antibacterial agents due to its reactivity in forming biologically active compounds. Serves as a building block in organic synthesis for pharmaceuticals, including vitamin K analogs. Also utilized in electrochemical applications as a redox mediator in some battery systems and sensors. Its electron-accepting properties make it suitable in studies involving charge transfer complexes and photochemical reactions.