Used primarily in advanced materials research, this compound serves as a precursor for synthesizing dysprosium-containing materials, which are critical in the production of high-performance magnets. These magnets are essential components in various technologies, including wind turbines, electric vehicles, and hard disk drives. Additionally, it is employed in the development of luminescent materials due to dysprosium's unique optical properties, making it valuable in creating phosphors for lighting and display applications. Its role in catalysis is also explored, particularly in organic synthesis reactions where it can enhance efficiency and selectivity.