This compound is primarily utilized in the synthesis of organic materials and intermediates for various industrial applications. It serves as a key building block in the production of specialty chemicals, particularly in the development of UV absorbers and stabilizers for polymers and coatings. Its structure allows it to effectively absorb ultraviolet light, making it valuable in protecting materials from UV-induced degradation. Additionally, it is employed in the pharmaceutical industry as a precursor in the synthesis of active pharmaceutical ingredients (APIs) due to its functional groups that facilitate further chemical modifications. Its role in research and development also extends to the creation of novel compounds with potential applications in material science and medicinal chemistry.