This chemical is primarily used in organic synthesis as an intermediate for the production of more complex compounds. It is particularly valuable in the development of fluorescent dyes and pigments, which are applied in biological staining and imaging techniques. Additionally, it serves as a key building block in the synthesis of pharmaceuticals, especially those targeting neurological and anti-inflammatory conditions. Its structure allows for modifications that enhance the properties of the final products, making it a versatile component in research and industrial applications.