This chemical is primarily utilized as a key intermediate in the synthesis of macrocyclic ligands, particularly those used in coordination chemistry. It serves as a precursor for the development of chelating agents, which are essential in forming stable complexes with metal ions. These complexes find applications in various fields, including medical imaging, where they are used as contrast agents in MRI scans. Additionally, the compound is employed in the preparation of catalysts for organic transformations, enhancing reaction efficiency and selectivity. Its role in the production of advanced materials for industrial and research purposes also highlights its versatility.