Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure allows for the development of hydrazone derivatives, which are valuable in creating active ingredients for medications targeting specific diseases. Additionally, it plays a role in the synthesis of dyes and pigments, contributing to the coloration of materials in industrial applications. Its reactivity with carbonyl compounds makes it useful in analytical chemistry for the detection and quantification of aldehydes and ketones.