This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of various pharmaceuticals and bioactive molecules. Its unique structure, featuring both hydroxyl and thioxo groups, makes it valuable for constructing complex heterocyclic compounds, which are often found in drugs targeting specific biological pathways. Additionally, it is employed in the development of chelating agents, which can bind to metal ions, making it useful in environmental chemistry for metal detoxification or in industrial processes for metal recovery. Its role in synthesizing sulfur-containing compounds also finds applications in materials science, particularly in the creation of polymers or coatings with specialized properties.