This chemical is primarily used as an intermediate in organic synthesis, particularly in the production of pharmaceuticals and agrochemicals. It plays a role in the formation of complex molecules through reactions like condensation and esterification. Additionally, it is utilized in the development of specialty chemicals, including dyes and pigments, due to its reactive enolate functionality. Its applications also extend to research and development, where it serves as a building block for creating novel compounds with potential industrial or medicinal value.