This compound is primarily utilized in organic synthesis as an intermediate for the production of various pharmaceuticals and agrochemicals. Its structure makes it a valuable precursor in the development of compounds with potential biological activities, such as antimicrobial, antifungal, and anti-inflammatory agents. Additionally, it is employed in the synthesis of hydrazone derivatives, which are studied for their applications in medicinal chemistry and material science. The compound's functional groups also make it suitable for use in coordination chemistry, where it can act as a ligand to form metal complexes with potential catalytic or therapeutic properties.