This chemical is widely used in the synthesis of various pharmaceutical compounds, particularly in the development of drugs that target the central nervous system. Its structure makes it a valuable intermediate in the production of antidepressants, antipsychotics, and other neuroactive agents. Additionally, it plays a role in the creation of chelating agents, which are utilized in metal ion sequestration for industrial and medical applications. Its ability to form stable complexes with metals also makes it useful in water treatment processes, where it helps in the removal of heavy metals from wastewater. Furthermore, it is employed in the manufacture of surfactants and corrosion inhibitors, contributing to the stability and efficiency of industrial formulations.