This chemical is primarily utilized in the synthesis of various pharmaceutical compounds due to its versatile structure. It serves as a key intermediate in the production of pyrazole derivatives, which are known for their biological activities, including anti-inflammatory, antimicrobial, and anticancer properties. Additionally, it is employed in the development of agrochemicals, particularly in the creation of herbicides and pesticides, owing to its ability to interact with biological targets effectively. Its role in organic synthesis also extends to the preparation of heterocyclic compounds, which are essential in material science and dye manufacturing.