Used primarily as a chelating agent in analytical chemistry, it forms colored complexes with various metal ions, making it valuable for the detection and quantification of metals like cobalt, copper, and nickel. In industrial applications, it serves as an intermediate in the synthesis of dyes and pigments due to its ability to form stable, vibrant compounds. Additionally, it is employed in research for studying metal ion interactions and coordination chemistry. Its selective binding properties make it useful in environmental testing for metal contamination in water and soil samples.