Used as a corrosion inhibitor in industrial cooling systems and metal processing fluids. It effectively protects copper and its alloys from degradation in aqueous environments. Also serves as a chemical intermediate in the synthesis of agrochemicals and pharmaceuticals due to its stable pyrazole ring structure. Shows potential as a ligand in catalytic processes involving transition metals. Its allyl group allows for further functionalization in organic synthesis, making it valuable in research and development of specialty chemicals.