This compound is primarily utilized in the synthesis of various pharmaceuticals and agrochemicals due to its reactive ester and ketone functional groups. It serves as a key intermediate in the development of pyrazole-based drugs, which are known for their anti-inflammatory, analgesic, and antimicrobial properties. Additionally, it is employed in organic synthesis to create complex molecules, particularly in the construction of heterocyclic compounds. Its versatility also extends to material science, where it is used in the preparation of specialty chemicals and fine chemicals for industrial applications.