Used primarily as a key intermediate in organic synthesis, this compound plays a vital role in the production of pharmaceuticals, agrochemicals, and dyes. Its reactive ethoxymethylene and cyano groups make it suitable for constructing complex molecular structures, particularly in heterocyclic chemistry. It is often employed in the synthesis of pyridine and pyrimidine derivatives, which are essential in drug development. Additionally, it serves as a building block for creating compounds with potential biological activity, such as antimicrobial and antiviral agents. Its versatility also extends to the field of material science, where it contributes to the development of advanced polymers and coatings.