Used in organic synthesis as a building block for more complex molecules, particularly in the development of pharmaceuticals and agrochemicals. It serves as a precursor in the creation of pyrrole derivatives, which are valuable in medicinal chemistry for their potential biological activities. Additionally, it is employed in research for the synthesis of heterocyclic compounds, which are important in the design of new drugs and materials. Its role in the production of fluorescent dyes and pigments is also notable, contributing to applications in imaging and material science.