This chemical is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of various dyes and pigments. Its structure is particularly valuable in the development of xanthene dyes, which are widely used in biological staining and fluorescence microscopy. Additionally, it finds application in the creation of photochromic materials, which change color in response to light exposure, making it useful in optical data storage and smart windows. The compound’s unique properties also make it a candidate for research in photodynamic therapy, where it can be explored for its potential to generate reactive oxygen species under light irradiation, aiding in targeted cancer treatment.