This compound is primarily utilized in the synthesis of pharmaceuticals and agrochemicals due to its versatile reactive sites, including the formyl and ester functional groups. It serves as a key intermediate in 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, its structural features make it valuable in organic synthesis for constructing complex heterocyclic compounds, which are essential in drug discovery and development processes.