This compound is primarily utilized in the synthesis of heterocyclic compounds, which are crucial in the development of pharmaceuticals and agrochemicals. It serves as a key intermediate in the production of various biologically active molecules, including potential drugs targeting cancer, inflammation, and infectious diseases. Its structural framework allows for the creation of diverse derivatives, making it valuable in medicinal chemistry research. Additionally, it is employed in the development of organic materials and dyes, contributing to advancements in material science and industrial applications.