This chemical is primarily used in the synthesis of dyes and pigments due to its ability to form stable, colored complexes. It is particularly valuable in the production of high-performance dyes for textiles, plastics, and inks, where it imparts vibrant and long-lasting colors. Additionally, it serves as a key intermediate in the preparation of organic semiconductors and photoconductive materials, which are essential components in electronic devices like solar cells and sensors. Its unique structure also makes it useful in analytical chemistry as a reagent for detecting and quantifying specific metal ions, owing to its selective binding properties. In pharmaceutical research, it is explored for its potential in developing novel compounds with biological activity, particularly in the design of anticancer and antimicrobial agents.