This compound is primarily utilized in the field of dye manufacturing due to its ability to produce vibrant and stable colors. It serves as a key intermediate in the synthesis of anthraquinone dyes, which are widely used in textile, paper, and leather industries. Additionally, it finds application in the production of pigments for inks and coatings, offering excellent lightfastness and resistance to fading. Its role in organic synthesis extends to the development of pharmaceuticals, where it acts as a building block for certain active compounds. In analytical chemistry, it is employed as a reagent for detecting specific metal ions due to its chelating properties. Its versatility also makes it valuable in research for studying redox reactions and electron transfer processes.