This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of various heterocyclic compounds. Its unique structure makes it valuable in the development of pharmaceuticals, particularly in the synthesis of drugs targeting neurological disorders and anti-inflammatory agents. Additionally, it is employed in materials science for the creation of advanced polymers and coatings that exhibit enhanced durability and chemical resistance. The compound's thiol group also allows it to act as a ligand in coordination chemistry, facilitating the formation of metal complexes used in catalysis and sensor technologies.