Used primarily as an intermediate in organic synthesis, this compound plays a key role in the preparation of pharmaceuticals and biologically active molecules. Its structure allows for functionalization in heterocyclic compound development, particularly in the synthesis of pyrrole-based derivatives which are common in medicinal chemistry. It is also employed in the formation of ligands for metal complexes and in the development of dyes and pigments due to its conjugated system and ability to participate in condensation reactions. Its keto and carboxylic acid groups enable diverse derivatization pathways, making it valuable in research settings for building more complex molecular architectures.