Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of anti-inflammatory and analgesic agents. Its structure supports the creation of pyrazole-based derivatives that exhibit biological activity, making it valuable in medicinal chemistry research. Also employed in the preparation of agrochemicals and functional materials due to its ability to form stable complexes and participate in cross-coupling reactions. Commonly utilized in laboratory settings for building more complex molecules through esterification, amidation, or metal-catalyzed transformations.