Used primarily as a complexing agent in chemical synthesis, it selectively binds with alkali metal ions, particularly potassium ions. This property makes it valuable in ion-selective electrodes and sensors for detecting potassium in various samples. It is also employed in phase transfer catalysis, facilitating reactions between compounds in different phases. Additionally, it finds use in the separation and purification of metal ions in analytical chemistry. Its ability to form stable complexes with specific ions enhances its role in research and industrial applications.