Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure is particularly valuable in the development of heterocyclic compounds, which are crucial in drug discovery. Additionally, it finds application in the synthesis of pyrazole derivatives, which are known for their biological activities, including anti-inflammatory, antimicrobial, and anticancer properties. The compound is also utilized in research settings to study reaction mechanisms and to develop new synthetic methodologies.