This compound is primarily utilized in the field of coordination chemistry as a ligand for the synthesis of metal complexes. Its ability to chelate metal ions makes it valuable in the development of catalysts for various organic transformations, including polymerization and oxidation reactions. Additionally, it is employed in the preparation of luminescent materials due to its role in enhancing the photophysical properties of metal complexes, which are used in sensors and light-emitting devices. Its ester functional group allows for further chemical modifications, making it versatile in designing advanced materials for research and industrial applications.