This chemical is primarily utilized in organic synthesis as a versatile intermediate. It is commonly employed in the preparation of more complex pyrazole derivatives, which are valuable in pharmaceutical research and development. The compound serves as a building block for creating molecules with potential biological activity, such as anti-inflammatory, antimicrobial, or anticancer agents. Additionally, it is used in the synthesis of agrochemicals, contributing to the development of pesticides or herbicides. Its ethyl ester group enhances reactivity, making it suitable for further functionalization in various chemical reactions.