This chemical is primarily used as a complexing agent in analytical chemistry, particularly for the determination of metal ions such as nickel and palladium. It forms stable complexes with these metals, making it valuable in spectrophotometric and gravimetric analysis. Additionally, it is employed in the synthesis of organic compounds, serving as a precursor or intermediate in various chemical reactions. In industrial applications, it is utilized in the production of catalysts and in processes requiring selective metal ion binding. Its ability to chelate metals also finds use in wastewater treatment for the removal of heavy metals.