This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of various pharmaceuticals. Its structure is particularly valuable in the development of compounds with potential therapeutic effects, such as anti-inflammatory and antimicrobial agents. Additionally, it is explored in the synthesis of dyes and pigments due to its ability to form stable and vibrant colorants. Researchers also investigate its potential in creating advanced materials, including polymers and coatings, where its chemical properties can enhance durability and performance.