Used primarily as a dye in industrial applications, this chemical is commonly applied in the coloring of oils, waxes, and polishes. It serves as a colorant in solvent-based systems where oil solubility is required. Frequently found in the formulation of printing inks and plastics, it provides a strong red hue. Also utilized as a laboratory reagent for staining and visualization in certain analytical procedures. Due to its lipophilic nature, it can be employed in tests to detect lipid accumulation or in quality control for dyeing processes. Not suitable for food or cosmetic use because of its toxic and potential carcinogenic properties.