This compound is primarily utilized in the synthesis of various heterocyclic compounds, which are essential in the development of pharmaceuticals and agrochemicals. It serves as a key intermediate in the production of biologically active molecules, particularly those with potential therapeutic properties. Its structure allows for the creation of compounds that can act as enzyme inhibitors, making it valuable in drug discovery for targeting specific disease pathways. Additionally, it is employed in the preparation of pyrazole derivatives, which are known for their applications in herbicides and insecticides, contributing to crop protection and pest management. Its versatility in organic synthesis also extends to the development of dyes and other specialty chemicals.