This chemical is primarily utilized in the synthesis of organic compounds, particularly in the development of dyes and pigments due to its ability to form stable, colored complexes. It is also employed in the production of specialty chemicals used in the textile industry for enhancing color fastness and vibrancy. Additionally, it finds application in research and development as an intermediate in the creation of pharmaceuticals, where its structural properties are exploited to develop active pharmaceutical ingredients (APIs). Its role in polymer chemistry is notable, as it can be used to modify polymer properties, improving durability and performance in various industrial applications.