This chemical is primarily utilized in organic synthesis, particularly in the preparation of heterocyclic compounds. It serves as a key intermediate in the development of pharmaceuticals and agrochemicals. The compound is often employed in the synthesis of hydrazone derivatives, which are valuable in medicinal chemistry for their potential biological activities. Additionally, it can be used in the production of dyes and pigments due to its ability to form stable complexes with various organic molecules. Its role in research and development is significant, especially in studies focusing on the creation of novel compounds with specific therapeutic or industrial applications.