Used primarily in the synthesis of heterocyclic compounds, it serves as a key intermediate in the production of pharmaceuticals, particularly for drugs targeting cancer and inflammation. Its thiol group makes it valuable in creating metal chelators, which are utilized in detoxification therapies and industrial catalysts. Additionally, it is employed in agricultural chemistry for developing herbicides and plant growth regulators. The compound's unique structure also finds applications in material science, contributing to the creation of advanced polymers and coatings with enhanced properties.