This chemical is primarily utilized in organic synthesis as a versatile intermediate. It plays a significant role in the production of various heterocyclic compounds, which are essential in the development of pharmaceuticals and agrochemicals. Its structure allows it to participate in cyclization reactions, making it valuable for creating complex molecular frameworks. Additionally, it is employed in the synthesis of dyes and pigments, contributing to the coloration of materials in industrial applications. Its reactivity and functional groups make it a useful building block in research and development for innovative chemical products.