Used as a key intermediate in the synthesis of functional organic materials, particularly in the preparation of phthalocyanine dyes and pigments. Its nitrile and hydroxyl groups allow for coordination with metal ions, making it valuable in the development of metallophthalocyanine catalysts. It is also employed in the fabrication of organic semiconductors and optoelectronic devices due to its extended π-conjugation potential. Additionally, it serves as a building block in the design of sensors and electroactive polymers.