Used primarily as an intermediate in organic synthesis, this compound plays a key role in the preparation of pharmaceuticals and agrochemicals. It serves as a building block for hydrazine derivatives, which are important in the development of various heterocyclic compounds. Its reactivity allows for the formation of nitrogen-containing rings such as pyrazoles and triazoles, commonly found in bioactive molecules. It is also employed in the synthesis of specialty polymers and ligands for metal coordination chemistry. Due to its hydrazine core, it can participate in condensation reactions to form hydrazones, useful in medicinal chemistry and chemical sensing applications.