This compound is primarily utilized in organic synthesis, particularly in the development of heterocyclic compounds. Its structure, featuring multiple functional groups, makes it a versatile intermediate for constructing complex molecules. It is often employed in the synthesis of thiophene derivatives, which are valuable in medicinal chemistry for designing drugs with potential biological activities. Additionally, it serves as a building block in the preparation of organic materials, such as dyes and polymers, due to its ability to undergo various chemical transformations. Its application extends to research laboratories where it is used to explore new synthetic pathways and develop novel compounds with specific properties.