This chemical is primarily utilized in the pharmaceutical and agrochemical industries as a key intermediate in the synthesis of various biologically active compounds. It plays a crucial role in the development of indazole-based drugs, which are known for their potential therapeutic applications, including anti-inflammatory, anticancer, and antimicrobial properties. Additionally, it is used in the creation of crop protection agents, contributing to the formulation of pesticides and herbicides that enhance agricultural productivity. Its structural versatility makes it valuable in organic synthesis, particularly in the construction of complex molecules for research and industrial applications.