This chemical is primarily utilized in organic synthesis as a versatile intermediate. It plays a crucial role in the development of pharmaceutical compounds, particularly in the synthesis of active pharmaceutical ingredients (APIs) and drug candidates. Its structure is valuable for constructing complex molecules, especially those containing thiophene rings, which are common in many biologically active substances. Additionally, it is employed in the production of agrochemicals, contributing to the creation of pesticides and herbicides. Its reactivity and functional groups make it a useful building block in various chemical reactions, including cyclization and esterification processes. Researchers also explore its potential in material science for developing novel polymers and coatings.