This compound is primarily utilized in the field of organometallic chemistry due to its unique ferrocene moiety, which imparts redox activity and stability. It is often employed as a building block in the synthesis of more complex organometallic compounds, which can be used in catalysis, particularly in asymmetric synthesis. Additionally, its redox properties make it suitable for applications in electrochemical sensors and biosensors, where it can act as a mediator to enhance electron transfer processes. The compound is also explored in material science for the development of novel polymers and coatings with specific electronic or magnetic properties. In medicinal chemistry, derivatives of this compound are investigated for their potential in drug delivery systems, leveraging the ferrocene unit's ability to interact with biological molecules.