This compound is primarily utilized in the synthesis of various pharmaceuticals and agrochemicals due to its versatile chemical structure. It serves as a key intermediate in the development of pyrazole derivatives, which are known for their biological activities, including anti-inflammatory, antimicrobial, and anticancer properties. Additionally, it is employed in organic synthesis to create complex molecules for research and industrial applications, particularly in the design of new drugs and crop protection agents. Its role in facilitating the construction of heterocyclic compounds makes it valuable in medicinal chemistry and material science.