Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various dyes and pigments, particularly those with xanthene structures. It is also employed in the development of fluorescent markers and probes for biological imaging, aiding in the study of cellular processes. Additionally, it finds application in the creation of photoresponsive materials, which are utilized in light-sensitive coatings and optical devices. Its versatility makes it valuable in both industrial and research settings.