Used primarily in the synthesis of dyes and pigments, this compound is valued for its ability to produce vibrant and stable colors, particularly in textiles and inks. It also finds application in the development of organic semiconductors, where its unique electronic properties enhance the performance of devices like solar cells and light-emitting diodes. Additionally, it serves as an intermediate in the production of pharmaceuticals, contributing to the creation of compounds with potential therapeutic effects. Its role in analytical chemistry includes use as a reagent for detecting specific ions or molecules, aiding in various research and diagnostic processes.