This chemical is primarily used as a chelating agent in various industrial and laboratory processes. It effectively binds with metal ions, making it valuable in water treatment systems to remove heavy metals and prevent scaling. In the pharmaceutical industry, it is utilized in the formulation of certain medications to stabilize active ingredients or enhance their bioavailability. Additionally, it finds application in analytical chemistry as a reagent for complexometric titrations to determine metal ion concentrations. Its ability to form stable complexes with metals also makes it useful in research studies involving metal ion interactions and catalysis.