This chemical is primarily utilized in the field of organic synthesis as a precursor or intermediate in the production of complex organic compounds. It is particularly valuable in the development of advanced materials, such as polymers and resins, where it contributes to the enhancement of thermal stability and mechanical properties. Additionally, it finds application in the synthesis of dyes and pigments, where its structure aids in achieving specific color properties and stability. In research and development, it is often employed in the study of reaction mechanisms and the creation of novel chemical entities with potential industrial or pharmaceutical relevance. Its role in catalysis and as a ligand in coordination chemistry also highlights its versatility in facilitating various chemical transformations.