This compound is primarily utilized in the synthesis of advanced materials, particularly in the production of phthalocyanines. Phthalocyanines are highly valued in the dye and pigment industry for their intense colors and stability, making them suitable for applications in inks, coatings, and plastics. Additionally, it serves as a key intermediate in the development of organic semiconductors, which are essential components in electronic devices such as solar cells, light-emitting diodes (LEDs), and field-effect transistors (FETs). Its role in creating these materials contributes to advancements in renewable energy and optoelectronic technologies.