Used as a chelating agent in coordination chemistry, particularly in catalysis and metal ion extraction processes. Its structure allows it to form stable complexes with transition metals, making it valuable in homogeneous catalysis for organic transformations such as oxidation and polymerization reactions. Also employed in the synthesis of functional materials and as a ligand design component in medicinal chemistry for metal-based drugs. Additionally, finds use in analytical chemistry for metal ion detection and separation due to its selective binding properties.