Used primarily in the synthesis of phthalocyanine dyes, which are essential in various industrial applications. These dyes are widely employed in the production of colorants for textiles, inks, and coatings due to their excellent stability and vibrant colors. Additionally, the compound plays a crucial role in the development of advanced materials, such as organic semiconductors and photoconductors, which are utilized in electronic devices like solar cells and sensors. Its unique structure also makes it a valuable intermediate in the creation of specialized chemicals for research and development in organic chemistry.