Used as an intermediate in the synthesis of heterocyclic compounds, particularly in the preparation of pyrazole and triazole derivatives which exhibit biological activity. It serves in medicinal chemistry for developing potential antitumor, antimicrobial, and anti-inflammatory agents. Also employed in agrochemical research for designing new active ingredients in pesticides due to its ability to form stable hydrazone structures. Its ethyl ester group facilitates further functionalization in organic synthesis.