This chemical is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the preparation of complex organic compounds. Its unique structure makes it valuable in the development of pharmaceuticals, particularly in the synthesis of drug candidates with potential therapeutic applications. Additionally, it is employed in material science for the creation of advanced materials with specific optical or electronic properties. The compound's ability to act as a ligand in coordination chemistry also makes it useful in catalysis, where it can facilitate various chemical reactions with high efficiency and selectivity.