Used primarily as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and agrochemicals. It serves as a building block in the formation of heterocyclic compounds, including certain nitrogen-containing rings found in bioactive molecules. Its reactivity allows for the introduction of benzyl and hydrazine functionalities, useful in developing drugs with central nervous system activity. Also employed in research settings for modifying and derivatizing carbonyl compounds, aiding in the study of reaction mechanisms and molecular structure analysis.