This compound is primarily utilized in organic synthesis as a versatile intermediate for the preparation of various heterocyclic compounds. It plays a significant role in the development of pharmaceuticals, particularly in the synthesis of pyrrole derivatives, which are known for their biological activities. The compound is also employed in the research and development of agrochemicals, where it contributes to the creation of novel pesticides and herbicides. Additionally, its structural features make it valuable in material science for designing functional materials with specific electronic or optical properties.