It is primarily used as a dye in various industries, particularly in textiles for coloring fabrics such as wool, silk, and nylon. Its ability to form stable complexes with metal ions makes it valuable in analytical chemistry, where it is employed as an indicator in complexometric titrations, especially for determining calcium and magnesium ions in water hardness tests. Additionally, it finds application in biological staining, aiding in the visualization of specific cellular components under microscopic examination. Its versatility and stability make it a useful compound in both industrial and laboratory settings.