This compound is primarily utilized in organic synthesis as a building block for more complex molecules, particularly in the development of pharmaceuticals and agrochemicals. Its pyrrole ring structure makes it valuable in the creation of heterocyclic compounds, which are often active ingredients in drugs. Additionally, it serves as an intermediate in the synthesis of dyes and pigments due to its ability to form stable, colored compounds. In research, it is employed to study reaction mechanisms and to develop new synthetic methodologies. Its ester functional group also allows for further chemical modifications, making it versatile in various industrial applications.