Used primarily as a synthetic intermediate in organic chemistry, this compound serves in the preparation of heterocyclic systems and bioactive molecules. Its β-diketone structure allows for enolization and chelation properties, making it valuable in coordination chemistry for forming metal complexes. It is also employed in the synthesis of pharmaceuticals and agrochemicals due to its reactivity and ability to undergo condensation, cyclization, and substitution reactions. Additionally, derivatives of this compound are explored in materials science for developing fluorescent sensors and functional polymers.