Used as an intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in the production of pyrazolone-based drugs with analgesic, anti-inflammatory, and antipyretic properties. It also serves in the development of dyes and pigments due to its ability to form colored complexes. Its structure allows for easy functionalization, making it valuable in medicinal chemistry for building bioactive molecules. Additionally, it is employed in research for developing novel heterocyclic compounds with potential therapeutic applications.