Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. It is particularly valuable in the development of pyrazole derivatives, which exhibit a range of biological activities, including anti-inflammatory, antimicrobial, and anticancer properties. Additionally, its structure makes it suitable for use in cross-coupling reactions, enabling the creation of complex molecules for drug discovery and material science applications. Researchers also utilize it in the study of enzyme inhibition and receptor binding, contributing to advancements in medicinal chemistry.