Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various heterocyclic compounds. Its reactive hydrazone and ester groups make it valuable for constructing complex molecular structures, particularly in pharmaceuticals and agrochemicals. It is also employed in the development of dyes and pigments due to its ability to form stable, colored complexes. Additionally, researchers utilize it in studies involving chemical reactions and mechanisms, leveraging its unique reactivity for innovative applications in material science and medicinal chemistry.