This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the development of various heterocyclic compounds. Its structure is particularly valuable in the synthesis of pyrazole derivatives, which are known for their diverse biological activities. Researchers often employ it in the creation of potential pharmaceutical agents, especially those targeting anti-inflammatory, antimicrobial, and anticancer properties. Additionally, its unique chemical framework makes it a suitable candidate for studying structure-activity relationships in drug discovery. The compound is also explored in material science for the development of organic molecules with specific optical or electronic properties.