This chemical is primarily utilized in organic synthesis as a building block for the preparation of various heterocyclic compounds. Its hydrazine moiety makes it particularly useful in the formation of hydrazides and hydrazones, which are key intermediates in the synthesis of pharmaceuticals, agrochemicals, and dyes. Additionally, it serves as a precursor in the development of biologically active molecules, including potential drug candidates, due to its ability to participate in cyclization and condensation reactions. Its ester group also allows for further functionalization, making it a versatile reagent in medicinal chemistry and material science research.