This chemical is widely used as a catalyst and reagent in organic synthesis, particularly in photochemical reactions. It is effective in generating reactive intermediates, such as carbocations, which are essential for various polymerization processes. Additionally, it serves as a key component in the synthesis of dyes and pigments due to its ability to form stable colored complexes. Its unique structure also makes it valuable in the development of advanced materials, including conductive polymers and organic semiconductors. Furthermore, it is utilized in research for studying electron transfer mechanisms and photophysical properties in chemical systems.