Used primarily as a reactive intermediate in organic synthesis, this compound serves in the preparation of pyrrole-based polymers and functionalized heterocycles. Its hydroxymethyl and dicarbonyl groups allow for cross-linking reactions, making it useful in developing specialty resins and coatings with enhanced thermal stability. It also finds application in the synthesis of pharmaceuticals and agrochemicals where pyrrole scaffolds are required. Additionally, it can act as a building block in the development of dyes and photoactive materials due to its conjugated structure.