Used primarily as an intermediate in the synthesis of phthalocyanine dyes and pigments, which are widely applied in the manufacturing of inks, coatings, and plastics. Its role is crucial in producing colorants that offer high stability and vivid colors, making it valuable in the textile and printing industries. Additionally, it finds application in the development of advanced materials, including organic semiconductors and photodynamic therapy agents, due to its ability to form complex structures with unique electronic properties.