Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of antidiabetic and anti-inflammatory agents. Its structure allows for easy functionalization, making it valuable in medicinal chemistry for building heterocyclic compounds. It is also employed in the preparation of organic semiconductors due to the presence of the thiophene moiety, which enhances electronic properties in conjugated systems. Additionally, it serves as a ligand precursor in coordination chemistry for catalytic applications.