This compound is primarily utilized in organic synthesis as a versatile intermediate. It plays a crucial role in the preparation of heterocyclic compounds, which are essential in the development of pharmaceuticals and agrochemicals. Its structure allows it to participate in various cyclization and condensation reactions, making it valuable for constructing complex molecular frameworks. Additionally, it is employed in the synthesis of biologically active molecules, including potential drug candidates, due to its ability to introduce specific functional groups into target compounds. Its application extends to materials science, where it contributes to the development of novel polymers and coatings with unique properties.