This chemical is primarily utilized in organic synthesis as a reagent for the preparation of heterocyclic compounds, particularly in the formation of pyrazole derivatives. It serves as a key intermediate in the development of pharmaceuticals and agrochemicals due to its ability to introduce functional groups that enhance biological activity. Additionally, it is employed in coordination chemistry to create metal complexes with potential catalytic properties. Its stability and reactivity make it a valuable component in research and industrial applications focused on advanced material design and drug discovery.