Used primarily in the field of organic synthesis, this compound serves as a key intermediate in the production of dyes and pigments. It is particularly valued for its role in creating xanthene dyes, which are widely applied in biological staining and fluorescence microscopy. Additionally, it finds utility in the development of pharmaceuticals, where it contributes to the synthesis of various active ingredients. Its structural properties also make it a candidate for research in material science, especially in the design of organic electronic materials.