Used primarily as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and agrochemicals. Its structure allows for functionalization at multiple sites, making it valuable in the development of heterocyclic compounds. It also serves as a building block in the synthesis of pyrazolone derivatives, which exhibit analgesic, anti-inflammatory, and antipyretic activities. Additionally, it finds use in dye chemistry and the production of photographic sensitizers due to its ability to form stable complexes and conjugated systems.