This chemical is primarily utilized as an intermediate in organic synthesis, particularly in the production of complex molecules for pharmaceuticals and agrochemicals. Its structure allows it to participate in various reactions, such as cyclization and condensation, making it valuable for constructing heterocyclic compounds. Additionally, it can act as a chelating agent in coordination chemistry, forming stable complexes with metal ions, which are useful in catalysis and material science. Its applications also extend to research and development, where it serves as a building block for designing novel compounds with potential biological activity.