This chemical is primarily utilized in organic synthesis as a versatile intermediate for the preparation of various heterocyclic compounds. It plays a significant role in the development of pharmaceuticals, particularly in the synthesis of biologically active molecules such as hydrazones and azoles, which are often explored for their potential therapeutic properties. Additionally, it is employed in the synthesis of dyes and pigments due to its ability to form stable, colored complexes. Its reactivity with different organic substrates makes it valuable in research and industrial applications for creating novel chemical entities.