Used as a key intermediate in the synthesis of pyrazole and pyrrole derivatives, which are important heterocyclic structures in pharmaceuticals and agrochemicals. Its active methylene and carbonyl groups enable condensation and cyclization reactions, making it valuable in constructing complex organic molecules. Commonly applied in the development of dyes, fragrances, and bioactive compounds due to its ability to form conjugated systems and participate in Michael additions. Also utilized in specialty polymer synthesis where functional ester groups contribute to crosslinking or side-chain modifications.