This chemical is primarily utilized as a ligand in coordination chemistry, where it forms stable complexes with various metal ions. Its application is particularly significant in the development of catalysts for organic synthesis, including polymerization reactions and cross-coupling processes. The compound's ability to stabilize metal centers enhances the efficiency and selectivity of these catalytic systems. Additionally, it is employed in the preparation of organometallic compounds, which are used in research and industrial settings for studying reaction mechanisms and developing new materials. Its unique structure also makes it a valuable component in the design of advanced materials with specific electronic or optical properties.