This chemical is primarily utilized in organic synthesis as a versatile intermediate for the development of more complex molecules. It serves as a key building block in the preparation of various heterocyclic compounds, which are often employed in pharmaceutical research. Its structure allows for modifications that can lead to the creation of potential drug candidates, particularly in the development of compounds with biological activity. Additionally, it is used in the synthesis of dyes and pigments due to its ability to form stable, colored products. Its applications also extend to material science, where it contributes to the development of organic electronic materials and polymers.