This compound is primarily utilized in the field of organic synthesis and material science. It serves as a key intermediate in the production of various dyes and pigments, particularly those used in textile and paper industries. Its unique structure allows it to act as a photosensitizer in photodynamic therapy, aiding in the treatment of certain medical conditions. Additionally, it is employed in the development of optical brighteners and fluorescent markers, which are essential in analytical chemistry and biological imaging. The compound's ability to absorb and emit light makes it valuable in the creation of advanced materials for optoelectronic devices, such as organic light-emitting diodes (OLEDs) and sensors. Its application extends to research laboratories where it is used as a reagent for studying photochemical reactions and developing novel chemical processes.