This chemical is primarily utilized in the synthesis of various organic compounds, particularly in the development of pharmaceuticals and agrochemicals. It serves as a key intermediate in the production of pyrrole derivatives, which are known for their biological activities. The compound is often employed in research and development to create molecules with potential therapeutic properties, such as anti-inflammatory, antimicrobial, or anticancer agents. Additionally, it finds application in the synthesis of complex heterocyclic compounds, which are crucial in drug discovery and material science. Its versatility makes it valuable in fine chemical manufacturing and academic research.