This compound is primarily utilized in organic synthesis as a versatile intermediate. It serves as a key building block in the production of various heterocyclic compounds, which are essential in pharmaceutical and agrochemical industries. Its diketone structure allows for selective reactivity, making it valuable in the development of complex molecules, including potential drug candidates. Additionally, it is used in the synthesis of ligands for metal coordination chemistry, aiding in the creation of catalysts for industrial processes. Its application also extends to material science, where it contributes to the development of advanced polymers and functional materials.