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 explored for their potential therapeutic properties, including antimicrobial and anticancer activities. Additionally, it plays a role in the development of dyes and pigments, contributing to the coloration of textiles and other materials. Its application in research also extends to the study of biochemical pathways and enzyme inhibition, aiding in the discovery of new drugs and treatments.