This compound is primarily utilized in the field of photodynamic therapy (PDT) due to its strong photosensitizing properties. It absorbs light efficiently and generates reactive oxygen species (ROS) upon irradiation, which can destroy cancer cells or pathogenic microorganisms. It is also employed in research as a model compound for studying porphyrin-based materials, particularly in the development of advanced light-activated systems. Additionally, its unique structure makes it suitable for applications in catalysis and as a component in sensors for detecting specific molecules or environmental changes.