This compound is primarily utilized in the synthesis of organic materials, particularly in the development of dyes and pigments. Its structure allows it to act as a key intermediate in the production of colorants for textiles and plastics. Additionally, it is employed in the creation of fluorescent markers and sensors due to its ability to form stable complexes with various metal ions. In the field of materials science, it is used to design advanced polymers and coordination compounds with specific optical and electronic properties. Its versatility also extends to pharmaceutical research, where it serves as a building block for the synthesis of bioactive molecules and potential drug candidates.