Used primarily in the chemical synthesis of dyes and pigments, it acts as an intermediate in the production of colorants for textiles and plastics. It is also employed in analytical chemistry as a reagent for the detection and quantification of specific metal ions, particularly nickel and palladium, due to its ability to form stable complexes. Additionally, it finds application in the development of organic semiconductors and electronic materials, contributing to advancements in optoelectronic devices. Its role in polymerization processes further extends its utility in creating specialized polymers with unique properties.