Used primarily as a chelating agent in coordination chemistry, it forms stable complexes with metal ions, particularly transition metals. This property makes it valuable in catalysis, where it facilitates various organic transformations. Additionally, it is employed in the development of luminescent materials due to its ability to enhance photophysical properties in metal complexes. In analytical chemistry, it serves as a reagent for the detection and quantification of metal ions in solutions, including redox studies and heavy metal detection such as copper and iron. Its application extends to biochemical research, where it is used to study metal ion interactions in biological systems, as well as in the development of advanced materials like complexes for electronics and photovoltaics.