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 indole derivatives. These derivatives are often explored for their potential therapeutic properties, including anti-inflammatory, anticancer, and antimicrobial activities. Additionally, it is used in the preparation of complex organic compounds for studying structure-activity relationships in drug discovery. Its role in the synthesis of heterocyclic compounds makes it valuable in medicinal chemistry and material science research.