Used primarily in research settings for the synthesis of dysprosium-based materials, especially in the preparation of dysprosium oxide powders which are essential in the production of high-strength permanent magnets. These magnets are critical components in advanced technologies such as electric vehicle motors, wind turbine generators, and various electronic devices requiring high thermal stability. The compound also serves as a precursor in catalyst development and luminescent materials due to dysprosium’s favorable magnetic and optical properties. Its hydrated form allows for easier handling in aqueous-based chemical processes.