Used primarily in organic synthesis, this compound serves as a key intermediate in the production of pharmaceuticals and agrochemicals. Its structure allows for the development of various biologically active molecules, particularly in the creation of pyrazole derivatives. These derivatives are often explored for their potential therapeutic properties, such as anti-inflammatory, antimicrobial, and anticancer activities. Additionally, it is utilized in the synthesis of advanced materials and as a building block in the preparation of complex chemical compounds for research and industrial applications.