This compound is primarily utilized in organic synthesis as a building block for the development of more complex molecules. It serves as a key intermediate in the preparation of heterocyclic compounds, particularly those involving pyrrole derivatives. These derivatives are often explored for their potential pharmaceutical applications, including the development of drugs targeting various diseases. Additionally, it is used in the synthesis of agrochemicals, where its incorporation into larger structures can lead to compounds with pesticidal or herbicidal properties. Its role in material science is also noteworthy, as it can be employed in the creation of organic electronic materials or dyes. Overall, its versatility makes it a valuable component in research and industrial chemistry.