This compound is primarily utilized in the synthesis of various pharmaceuticals and agrochemicals due to its versatile chemical structure. It serves as a key intermediate in the production of pyrazole derivatives, which are known for their biological activities, including anti-inflammatory, antimicrobial, and anticancer properties. Additionally, it is employed in the development of herbicides and insecticides, contributing to effective crop protection strategies. Its role in organic synthesis also extends to the creation of complex molecules for research and industrial applications.