Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the production of nonsteroidal anti-inflammatory drugs (NSAIDs) and other bioactive molecules. Its structure allows for easy functionalization, making it valuable in constructing heterocyclic compounds. Commonly employed in condensation reactions to form chalcone derivatives and in the preparation of ester-based prodrugs. Also utilized in agrochemical synthesis for developing herbicides and fungicides due to its reactive carbonyl and ester groups.