Used as a key component in organic semiconductors, it enhances the performance of electronic devices like organic field-effect transistors and solar cells. Its ability to absorb light efficiently makes it valuable in photodynamic therapy for treating certain cancers. Additionally, it serves as a catalyst in chemical reactions, particularly in oxidation processes, due to its stability and reactivity. In the field of sensors, it is utilized for detecting gases and pollutants, offering high sensitivity and selectivity. Its unique properties also make it suitable for use in optical data storage and nonlinear optics applications.