Used as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and fine chemicals. It serves as a building block for α-substituted carbonyl compounds due to the active methylene group adjacent to the ester and ketone functionalities. Commonly employed in condensation reactions, such as Knoevenagel or Claisen-type reactions, to form substituted aromatic and heterocyclic compounds. Its structure allows for easy functionalization, making it valuable in synthesizing anti-inflammatory agents, antifungal compounds, and other biologically active molecules. Also utilized in the development of agrochemicals and dyes.