This compound is primarily utilized in organic synthesis as a versatile intermediate for the preparation of various heterocyclic compounds. It serves as a key building block in the development of pharmaceuticals, particularly in the synthesis of pyrazole derivatives, which are known for their biological activities such as anti-inflammatory, analgesic, and antimicrobial properties. Additionally, it is employed in the production of agrochemicals, where it contributes to the creation of pesticides and herbicides. Its role in the synthesis of fine chemicals and dyes further highlights its importance in industrial applications.