Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. It is particularly valuable in the synthesis of hydrazone derivatives, which are important in the development of drugs targeting central nervous system disorders and anti-inflammatory agents. Additionally, it finds application in the preparation of dyes and pigments, contributing to the coloration of textiles and materials. Its role in research and development is significant, aiding in the study of chemical reactions and the creation of novel compounds with potential therapeutic properties.