Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various heterocyclic compounds. Its structure allows it to participate in cyclization reactions, making it valuable in the development of pharmaceuticals, particularly for creating molecules with potential therapeutic properties. Additionally, it is utilized in the synthesis of dyes and pigments due to its ability to form complex aromatic systems. Its application extends to materials science, where it contributes to the creation of organic semiconductors and conductive polymers, enhancing the performance of electronic devices.