Used in analytical chemistry as a reagent for detecting and quantifying metal ions, particularly copper and iron, due to its ability to form colored complexes. Also employed in the synthesis of dyes and pigments, where it contributes to lightfastness and color stability. Shows potential in pharmaceutical research for its antioxidant and metal-chelating properties, making it useful in studies related to oxidative stress and metal overload disorders. Additionally, it serves as a building block in the preparation of heterocyclic compounds for materials science applications.