This compound is primarily utilized in organic synthesis as a building block for more complex molecules. It serves as an intermediate in the production of pharmaceuticals, particularly in the development of drugs targeting neurological disorders. Additionally, it is employed in the synthesis of agrochemicals, where it contributes to the creation of pesticides and herbicides. Its thiophene ring structure makes it valuable in material science, particularly in the development of organic semiconductors and conductive polymers. The ester functional group allows for further chemical modifications, making it versatile in various research and industrial applications.