Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of active pharmaceutical ingredients (APIs) with anti-inflammatory and analgesic properties. Its hydroxyl group allows for easy functionalization, making it valuable in medicinal chemistry for building more complex molecules. It is also employed in the preparation of agrochemicals and functional materials where heterocyclic frameworks are required. The compound's stability and reactivity profile support its use in multi-step organic syntheses, especially in creating pyrazole-containing derivatives with tailored biological activity.