This compound is primarily utilized in the field of organic synthesis, where it serves as an intermediate for the preparation of more complex chemical structures. It is particularly valuable in the development of dyes and pigments due to its ability to form stable, colored complexes. Additionally, it finds application in the research and development of new materials, especially those requiring specific optical properties. In some cases, it is also explored for its potential use in the synthesis of pharmaceutical agents, where its unique structure can contribute to the creation of bioactive molecules.