Used in organic synthesis as a versatile intermediate for the preparation of heterocyclic compounds. It plays a crucial role in the development of pharmaceuticals, particularly in the synthesis of antiviral and anticancer agents. The compound is also employed in the creation of ligands for metal complexes, which are utilized in catalysis and material science. Additionally, it serves as a building block for the production of agrochemicals, contributing to the development of pesticides and herbicides. Its unique structure allows for functionalization, making it valuable in research and industrial applications.