This compound is primarily utilized in organic synthesis as a versatile intermediate. It plays a significant role in the development of pharmaceuticals, particularly in the synthesis of heterocyclic compounds that exhibit biological activity. Its structure allows it to participate in various chemical reactions, such as cyclization and condensation, making it valuable for constructing complex molecules. Additionally, it is employed in the production of agrochemicals, where it contributes to the creation of compounds with pesticidal or herbicidal properties. Its applications also extend to material science, where it can be used in the synthesis of novel polymers or coatings with specific functional properties.