It is widely used in organic synthesis as a reagent for the preparation of various compounds, particularly in the synthesis of pharmaceuticals and agrochemicals. The compound serves as a key intermediate in the production of heterocyclic compounds, which are essential in drug development.

In the pharmaceutical industry, it is utilized in the synthesis of antimalarial drugs and other therapeutic agents. Its role in the formation of beta-keto esters makes it valuable for creating complex molecules with specific biological activities.

Additionally, it finds application in the production of dyes and pigments, where it acts as a precursor for colorants. Its ability to form stable complexes with metal ions is also exploited in analytical chemistry for metal ion detection and separation processes.

In the field of biochemistry, it is used as a substrate in enzymatic studies to understand metabolic pathways, particularly those involving ketone bodies. Its versatility and reactivity make it a crucial component in various industrial and research applications.