Used primarily as a reagent in organic synthesis, this chemical plays a significant role in the preparation of heterocyclic compounds. It is particularly valuable in the synthesis of thiophene derivatives, which are important in the development of pharmaceuticals and agrochemicals. Additionally, it serves as a key intermediate in the production of dyes and pigments, contributing to the vibrant colors in various industrial applications. Its unique structure also makes it useful in coordination chemistry, where it acts as a ligand to form complexes with metals, aiding in catalytic processes and material science research.