Used in organic synthesis as a key intermediate for the production of various fine chemicals and pharmaceuticals. It is particularly valuable in the development of active pharmaceutical ingredients (APIs) due to its ability to introduce the cyano and acrylate functional groups into target molecules. The compound is also employed in the synthesis of dyes and pigments, where its structure contributes to the desired color and stability properties. Additionally, it serves as a building block in material science for creating polymers with specific optical or electronic characteristics. Its versatility makes it a useful component in research and industrial applications.