Acetylacetone is widely used as a chelating agent in the production of metal acetylacetonates, which are essential catalysts in various chemical reactions, including polymerization and oxidation processes. It serves as a precursor in the synthesis of pharmaceuticals, particularly in the creation of anti-inflammatory and antifungal agents. In the field of coatings and adhesives, it acts as a crosslinking agent, enhancing durability and performance. Additionally, acetylacetone is employed in analytical chemistry as a reagent for the detection and quantification of metal ions. Its volatility and stability also make it a useful solvent in organic synthesis and as a stabilizer for hydrogen peroxide in industrial applications.