Used in organic synthesis as a key intermediate for the preparation of heterocyclic compounds, particularly in the development of pharmaceuticals and agrochemicals. It plays a role in the synthesis of pyrrole derivatives, which are important in designing drugs with potential anticancer, antimicrobial, and anti-inflammatory properties. Additionally, it is utilized in the production of dyes and pigments due to its ability to form complex structures with unique optical properties. Its reactivity with various reagents makes it valuable in research and industrial applications for creating novel chemical entities.