Used primarily in the synthesis of dyes and pigments, it serves as an intermediate in the production of colorants for textiles, plastics, and inks. Its ability to form stable complexes with metals makes it valuable in the development of metal chelating agents, which are used in water treatment and industrial processes to remove heavy metals. Additionally, it plays a role in organic synthesis, particularly in the creation of naphthoquinones, which have applications in pharmaceuticals and agrochemicals. Its properties also make it useful in analytical chemistry as a reagent for detecting specific metal ions.