Used primarily in organic synthesis, this compound serves as a versatile intermediate for the preparation of various heterocyclic compounds. It is particularly valuable in the synthesis of pyrazole derivatives, which have applications in pharmaceuticals and agrochemicals. Additionally, it is employed in the development of dyes and pigments due to its ability to form stable complexes with metals. In research, it is utilized as a reagent for studying reaction mechanisms involving hydrazones. Its role in catalysis and material science is also being explored for potential innovative applications.