This compound is primarily utilized in organic synthesis as a key intermediate for the production of various heterocyclic compounds. Its structure makes it valuable in the development of pharmaceuticals, particularly in the synthesis of indole derivatives that exhibit biological activity. It is also employed in the creation of agrochemicals, where its derivatives can serve as active ingredients in pesticides or herbicides. Additionally, it finds use in material science for the preparation of organic dyes and pigments due to its ability to form stable and colorful complexes. Its role in research and development is significant, particularly in the exploration of novel chemical reactions and the design of new molecules with potential industrial or medicinal applications.