This compound is primarily utilized in organic synthesis and pharmaceutical research. It serves as a key intermediate in the development of various biologically active molecules, particularly in the synthesis of thiophene-based derivatives. These derivatives are often explored for their potential therapeutic applications, including antimicrobial, anti-inflammatory, and anticancer properties. Additionally, it is used in the preparation of complex heterocyclic compounds, which are valuable in medicinal chemistry for drug discovery and development. Its unique structure allows for further functionalization, making it a versatile building block in the design of novel chemical entities.