This compound is primarily utilized in the field of coordination chemistry due to its ability to form stable complexes with various metal ions. Its macrocyclic structure makes it an effective chelating agent, particularly for transition metals, which is useful in applications such as catalysis, metal ion extraction, and separation processes. In medical research, it is explored for its potential in designing metal-based therapeutic agents, including radiopharmaceuticals for diagnostic imaging and cancer treatment. Additionally, it serves as a model compound in studies involving supramolecular chemistry and molecular recognition. Its unique properties also make it valuable in environmental science for the removal or detection of heavy metal contaminants in water and soil.