Used primarily in organic synthesis, this compound serves as a reagent for the preparation of hydrazone derivatives, which are key intermediates in the synthesis of heterocyclic compounds such as pyrazoles and indoles. It is also employed in analytical chemistry for the detection and characterization of carbonyl-containing compounds, including aldehydes and ketones, due to its ability to form crystalline derivatives with distinct melting points. Additionally, it finds use in pharmaceutical research for modifying and tagging bioactive molecules, facilitating drug development and metabolic studies.