Primarily used as an intermediate in the synthesis of dyes and pigments, this compound plays a crucial role in producing vibrant and stable colors for textiles, plastics, and inks. Its phosphate group enhances solubility and reactivity, making it suitable for various industrial processes. Additionally, it is utilized in the development of specialty chemicals for research and analytical purposes, particularly in fluorescence and colorimetric assays. Its structural properties also make it a candidate for use in photodynamic therapy and other medical applications where light-sensitive compounds are required.