Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals, including anticancer and antiviral drugs, and agrochemicals. Its structure allows for further functionalization, making it valuable in the development of complex molecules. It is also utilized in the synthesis of thiophene-based polymers, which are important in materials science for creating conductive polymers and organic semiconductors. Additionally, it finds application in the preparation of dyes and pigments due to its ability to form stable, colored compounds.