Widely used in organic synthesis, this compound serves as a key intermediate in the production of pharmaceuticals, particularly in the development of anticoagulants and anti-inflammatory agents. Its active methylene group allows for easy functionalization, making it valuable in constructing complex ring systems. It is also employed in the synthesis of agrochemicals, including herbicides and plant growth regulators, due to its ability to mimic biological active structures. In materials science, it acts as a building block for specialty polymers and resins, contributing to improved thermal stability and mechanical properties. Additionally, it is utilized in the preparation of dyes and pigments, where it enhances color fastness and light resistance. As a high-grade analytical reagent, it is commonly used for the determination of aldehydes in various samples through specific chemical reactions.