This chemical is primarily utilized in organic synthesis as an intermediate for the production of various heterocyclic compounds. It is particularly valuable in the synthesis of pyrazole derivatives, which have applications in pharmaceuticals and agrochemicals. The compound's structure allows it to participate in cyclization reactions, making it useful for creating complex molecules with potential biological activity. Additionally, it can be employed in research settings to study reaction mechanisms involving hydrazones and ketones. Its role in the development of dyes and pigments has also been explored due to its ability to form stable conjugated systems.