This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate for the production of various dyes and pigments. Its structure allows it to participate in reactions that form complex organic molecules, which are often used in the textile industry to color fabrics. Additionally, it finds application in the development of pharmaceuticals, particularly in the synthesis of compounds with potential anticancer and antimicrobial properties. Its ability to act as a redox agent also makes it valuable in biochemical research for studying electron transfer processes in biological systems. Furthermore, it is employed in the manufacture of analytical reagents used in chemical analysis and quality control processes.