Used primarily as a chelating agent in various industrial processes, it effectively binds with metal ions to stabilize them in solutions. This property is particularly valuable in the production of catalysts for chemical reactions, where it helps in controlling the activity and selectivity of the catalyst. Additionally, it serves as an intermediate in the synthesis of more complex organic compounds, including pharmaceuticals and agrochemicals, where its structure can be modified to produce active ingredients. Its role in organic synthesis is crucial for developing compounds with specific desired properties.