This chemical is primarily utilized in the field of organic synthesis and material science. It serves as a key intermediate in the production of complex organic compounds, particularly in the development of dyes and pigments. Its unique structure allows it to contribute to the creation of highly stable and vibrant colors, making it valuable in industries such as textiles, coatings, and plastics. Additionally, it is explored for its potential use in photodynamic therapy due to its light-absorbing properties, which can be harnessed in medical applications for targeted treatment of certain conditions. Researchers also investigate its role in the development of advanced materials with specific optical properties, such as sensors or light-emitting devices.