Used as a key intermediate in the synthesis of fluorescent dyes and pigments, particularly in the production of phthalocyanine dyes. These dyes are widely applied in electronic devices such as organic semiconductors and solar cells due to their excellent light absorption and stability. Also employed in the development of sensors and optoelectronic materials where near-infrared absorption is required. Its hydroxyl and nitrile functional groups allow for further chemical modifications, making it valuable in designing advanced functional materials.